Tribunal held that up to AY. 1986-87, S.2(42A), Explanation 1(b) read with S. 49(1)(iii)(b) provided that where a capital asset had became a property of assessee on any distribution of assets on dissolution of a firm, before 1st day of April, 1987, period for which asset was held by previous owner would be included for working out period of holding of asset by assessee and after amendment vide Finance Act, 1987, with effect from 1-4-1988 to S. 49(1)(iii)(b), period of holding of an asset by an erstwhile partner of a dissolved firm was not to include period of holding of such asset by firm. Accordingly period to be reckoned from date of distribution to partner. On facts the assessee had taken over assets from the partnership firm  on 15-05 2003 and sold the same on 4-07-2004 ie one year two months , the same could not be held to be  a long term  capital asset and not entitle  exemption on investment  in certain bonds.  ( AY.2005 -06)