The assessee was engaged in the business of manufacture and trading in cut and polished diamonds. By sale deed dated May 19, 2012 the assessee sold office premises and declared the computation of income under the head “Capital gains”. The Assessing Officer treated the capital gains as short-term capital gains on the ground that the assessee had shown acquisition of property in the financial year 1998-99 and in subsequent years the assessee had carried out improvements in the property, that the assessee had received allotment of the premises only on July 29, 2010 and that the asset transferred was a short-term capital asset on the date of transfer, i. e., May 19, 2012. On appeal the Tribunal held that since record submitted from books of trade body clearly indicated that assessee had been allotted office space in year 1998 and subsequently it made several payments, date of acquisition of office premises was to be reckoned from date of allotment i.e., in year 1998-99. (AY. 2013-14)