P.M. Jagtap, A.M. - This appeal by the assessee is directed against the order of learned CIT(A)-I, Pune dated 5th Sept., 2000, and the only issue arising out of the same relating to the taxability of amount received by the assessee on retirement from the firm of M/s. Mehta & Kakade Associates as long-term capital gains, is raised in the following grounds raised therein:

1.The learned CIT(A) erred in confirming addition of Rs. 34,43,700 added in the assessment as long-term capital gain, without appreciating facts and circumstances of the case as also the correct legal position. The addition being unjustified both in law and on facts, may kindly be deleted.

2.The learned CIT(A) erred in relying on the decision of Bombay High Court in N.A. Mody’s case, which according to the assessee, in fact was in favour of the assessee on the facts of the assessee’s case.

3.The learned CIT(A) erred in not considering the decision of Supreme Court and High Courts cited in support of appellant’s claim.

2. In this case, the assessee filed his return of income for the year under consideration on 30th Aug., 1995, declaring a total income at Rs. 26,813. Along with the said return, a letter was filed by