The Assessing Officer treated the sale of shares as  short-term capital gains. The Commissioner (Appeals) directed the Assessing Officer to treat the shares as long-term capital asset, allow indexation and tax the resultant capital gains at the special rate of 20 per cent. The Tribunal held that  there was no distinction between unlisted and listed shares for classifying them as short-term capital asset under the 1961 Act. On appeal  dismissing the appeal, that the Tribunal was right in holding that the shares and debentures not listed could be treated as a long-term capital asset under section 2(42A) of the 1961 Act read with its proviso.  Explanatory Notes to the Provisions of the Finance (No. 2) Act, 2014, in Circular No. 1 of 2015, dated January 21, 2015 ([2015] 371 ITR (St.) 22)  (AY. 2007-08)