7. We heard Shri V.D.Gopal, the learned counsel
appearing for the assessee. The learned counsel relied on the
decision of the Hon'ble Madras High Court rendered in the case
of CIT vs. S.Rajamani and Thangarajan Industries, 241 ITR 668.
He explained that the facts relating to the above case are exactly
similar to the facts of the present case and as such the said
decision of the Hon'ble Madras High Court is applicable to the
assessee's case and accordingly the firm should not have been
assessed to long-term capital gains.
Therefore,
this Tribunal is of the considered opinion that the judgment of
Madras High Court in S. Rajamani & Thangarajan Industries (supra)
and this Tribunal's decision in Raja Fertilizers (supra) may not be
applicable to the facts of the case.