Auntora Ghosh aghosh Profile


Representing India, he actively participated in steering the signing into force of the inter-governmental treaty and the Inter-Central Bank Agreement among the BRICS nations, which led to the establishment of the Contingent Reserve Arrangement , a swap line framework among the central banks of these countries. His tenure as Governor saw unprecedented central bank activism to put in place a comprehensive set of measures to strengthen and improve the competitive efficiency of the financial sector. New institutions and instruments were introduced and changes in exchange rate management culminated in the establishment of a unified exchange rate. In the field of monetary policy, his tenure saw the historic memorandum signed between the Bank and the Government whereby a cap was put on the automatic finance by the Bank to the Government in the form of ad hoc treasury bills.

It has been found by the Tribunal in the context of the matter that the motive of profit was not the dominant or sole objective of the assessee in entering into the transaction. Thus, the Tribunal was amply justified in holding that the transaction in question was not an adventure in the nature of trade. On this background, we would caution ourselves in approaching the matter, but it may be noted that there is no allegation by either party that an inference has been drawn by the Tribunal on considering inadmissible evidence or after excluding admissible evidence.

Some method had to be found whereby Dr. and Mrs. Ghosh, who wanted to dispose of their existing shares, could do so. Factually, though Dr. and Mrs. Ghosh, because of their long and intimate association with c2c rectangle crochet tutorial the company, had effective control over the affairs of the company, i.e., a de facto control, they had only a minority interest. They approached the Sarabhais, who had the money, for selling the shares.

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.

It was submitted that the profit motive at the time of entering into a transaction was also not a decisive test in determining the nature of the transaction as was held in CIT v. P.K.N. Co. Relying on the decision in Raja Bahadur Kamakhya Narain Singh v. CIT , it was submitted that the inference to be drawn in the present case also would be that the assessee was trying to realise an existing capital asset and the surplus would be nothing but capital gains. The next decision to which attention was drawn was that of Ramnarain Sons (P.) Ltd. v. CIT 41 ITR 534, where the Supreme Court had held that by purchasing shares at a price far in excess of their market price to facilitate the acquisition of the managing agency a capital asset was acquired, and the loss incurred on the sale of some of those shares was a capital loss. Similarly, it was submitted, relying on the ratio in CIT v. National Finance Ltd, , which was again a case where shares were purchased at a higher value for acquiring a controlling interest.