घोष- अघोष औरअल्पप्राण-महाप्राण हिन्दी व्याकरण ghosh- aghosh or alppran- mahapran in Hindi grammar


Adverting to the source of the funds with which the acquisition of the shares were made, it was submitted that the payment of application money was out of the assessee’s own funds. This was so because even the loan taken was against the assessee’s own fixed deposits. The payment of allotment money was no doubt by the purchasers but looking to the transaction as a whole, this, it was submitted, could not impress the transaction with the stamp of an adventure in the nature of trade. It was finally urged that the order of the AAC should be upheld. The next line of argument on behalf of the Department was that the application money alone for the new shares was paid by the assessees and even here a loan against a fixed deposit had to be taken. It was submitted that after paying the application money the balances in the bank accounts of the assessees were meagre.

The intentions expressed by the assessees, according to the Tribunal, did not conflict with the plea put forth by the assessees that because of old age and failing health they wanted to dispose of their shareholdings and retire. Dr. Patel has several publications in the areas of Indian macroeconomics, monetary policy, public finance, the Indian financial sector, international trade, and regulatory economics. Dr. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013. He was re-appointed as Deputy Governor on January 11, 2016 after completion of his first three-year term of office. Among his assignments as Deputy Governor, Dr. Patel chaired the Expert Committee to Revise and Strengthen the Monetary Policy Framework.

Dr. Patel has a Ph.D in economics from Yale University, an M. Phil from University of Oxford and a B. Dr. D. Subbarao took over on September 5, 2008 as the 22nd Governor of the Reserve Bank of India. Dr. Subbarao has been appointed for a three-year term. Prior to this appointment, Dr. Subbarao was the Finance Secretary in the Ministry of Finance, Government of India.

He resigned in the middle of January 1957 before his second extended term of office expired due to differences with the Finance Minister. Letter dated July 18, 1960, from Dr. Ghosh to Dr. Vikram Sarabhai extending the offer up to June 15, 1960, and stating that he had explained to Taneja the necessity for him (Dr. Ghosh) to continue as a consulting technical adviser. In the normal course of human conduct a person having decided to get rid of a particular thing as unsuited to his/her purpose, would not at the same time make special efforts and acquire more of that thing. The joint holdings of the two assessees was thus only to the extent of Rs. 1,06,607 out of the paid-up capital, referred to, of Rs. 6,22,440. When autocomplete results are available use up and down arrows to review and enter to select.

The financial need, according to the Tribunal, therefore, continued. The Tribunal held that there was no evidence to suggest that the assessees who had nurtured the company did not act for furthering the interests of the company. The Tribunal stated that it could not be said that the dominant interest of the assessees was to make a personal gain out of the acquisition and transfer of new shares. On behalf of the assessee, reliance was placed on the ratio of certain decisions. Referring to the decision in Saroj Rumor Mazumdar v. CIT, it was submitted that even where there was an anticipation of profit it was eventually held by the Supreme Court that the transaction was not an adventure in the nature of trade.

This impinges on the day to day life of ordinary citizens. Again, on the fact that the transaction in question was not in the line of business of the assessee and it was not an isolated or a single instance of transaction like that, a burden would be on the Revenue to bring a case within the statute, namely, that it was an adventure in the nature of a trade and the Revenue does not appear to have been successful in discharging the onus. The assessees used a good part of the proceeds for purchasing a house in which they subsequently resided. Excepting for Dr. Ghosh continuing as a my first crochet kit technical director of the company for the object of ensuring a smooth take over by the Sarabhais, the assessees did not also participate in any business activities subsequently.” Letter of September 6, 1960, from Dr. Sarabhai to Dr. Ghosh regarding the appointment of new directors, etc. Letter dated August 9, 1960, from Dr. Vikram Sarabhai to Dr. Ghosh in reply to the letter of July 18, 1960, informing him that they accepted to purchase from Dr. & Mrs. Ghosh 56% controlling interest in the company in terms of para, of the letter of 18th June, 1960 (referred to in item above).

They were also to get Rs. 12 lakhs for Rs. 6 lakhs worth of shares and the excess price realised would definitely be a surplus to the assessee. The objects, as spelt out in the letter, were to obtain financial collaboration for the company and to give the Sarabhais the controlling interest. The Tribunal observed that they had already found that there was evidence of the company having felt the necessity for additional funds as far back as February 19, 1960. In a resolution of the board of directors passed on August 19, 1960, (annex. “D-2” and forms part of the statement) it was stated that procuring of raw materials was becoming difficult and larger stockpiling had to be made and further capital was, therefore, found to be an urgent necessity.

M Narasimham was the first and so far the only Governor to be appointed from the Reserve Bank cadre, having joined the Bank as a Research Officer in the Economic Department. He later joined the Government and prior to his appointment as Governor he served as Additional Secretary, Department of Economic Affairs. He was a professional economist and served for many years in the office of the Economic Adviser of the Government of India and also held important positions in the Ministry of Commerce & Industry prior to his appointment as the Deputy Governor of the Bank. Amongst other developments, gold controls were brought on a statutory basis; Deposit Insurance was in principle extended to Cooperative banks; the Lead Bank Scheme was introduced to facilitate credit delivery, and the setting up of the Agricultural Credit Board.L K Jha was appointed India’s Ambassador to the United States in May 1970 prior to the completion of his term as Governor. Thus, as to the principle of law applied by the Tribunal, it cannot be said that the profit motive even if it would be there, would be conclusive to find the transactions as an adventure irf the name of profit, as found by the Supreme Court in the case of CIT v. P.K.N. Co.