NOVEL POLYMORPHS OF 2-[3-CYANO-4-(2-METHYLPROPOXY)PHENYL]-4-METHYL-5-THIAZOLE CARBOXYLIC ACID AND PROCESSES FOR PREPARING THE SAME The present invention discloses novel polymorphs of febuxostat. The novel crystalline polymorphs of febuxostat, hereinafter referred as crystal III and cystal IV are disclosed. Also disclosed are the processes for preparing novel crystalline forms III & IV of febuxostat. Apart from this, the invention also discloses processes for preparing known crystalline form A of febuxostat.