The assessee bifurcated income from capital gains on sale of shares into short-term capital gains and the long-term capital gains. The assessee purchased the shares in the financial year 2012-13 and sold them in the assessment year 2014-15, she computed the indexed cost of acquisition of those shares. These shares were sold on March 21, 2014 and thus she claimed long-term capital gains. The AO held  that the shares were held for less than 36 months and they were short-term capital assets. According to the provisions of S.  2(42A) of the Act   the AO held that shares of an unlisted company, if held for less than 36 months, were not a long-term capital asset but a short-term capital asset. The CIT(A)  gave partial relief. On appeal  the Tribunal held that   the benefit of the shorter period of holding of 12 months to qualify as long-term capital asset in respect of unlisted shares had been removed prospectively from the AY. 2015-16 and not for earlier years. The benefit of the shorter period for holding of unlisted shares would be available when such shares were transferred during the period beginning on April 1, 2014 and ending on July 10, 2014. Post-July 11, 2014 the benefit of the shorter period of unlisted shares could not be applicable. The shares had been transferred by the assessee prior to March 31, 2014. Therefore, the newly amended S.  would not be applicable and the assessee would get the benefit of the shorter period, i. e., period of less than 36 months as given in S.  2(42A) read with the proviso thereto in terms of the provision as it existed for the assessment year 2014-15. Thus, the authority was not justified in reclassifying the long-term capital gains as short-term capital gains. Accordingly, the gains on transfer of shares of Shares  would be taxable as long-term capital gains as the assessee had held those shares for more than 12 months. (AY.2014-15)