All e-mails from the system will be sent to this address. The e-mail address is not made public and will only be used if you wish to receive a new password or wish to receive certain news or notifications by e-mail. Shri Shaktikanta Das has vast experience in various areas of governance in the last 38 years. Shri Das has held important positions in the Central and State Governments in the areas of Finance, Taxation, Industries, Infrastructure, etc.
The submission of the learned counsel was that there was no element of trade in the transaction and only the base with reference to which a fixed return could be had was broadened.” Dr. Subbarao has wide experience in public finance. In the World Bank, he worked on issues of public finance in countries of Africa and East Asia. He managed crochet blanket sizes in stitches a flagship study on decentralisation across major countries of East Asia including China, Indonesia, Vietnam, Philippines and Cambodia. Dr. Subbarao was also involved in initiation of fiscal reforms at the state level. Dr. Subbarao has written extensively on issues in public finance, decentralisation and political economy of reforms.
There were also sales of 29,600 equity shares. These, the ITO held, were acquired and sold in September, 1960, and the surplus was assessable as income from business. The quantum assessed is not in dispute. In the case of Dr. Ghosh, the ITO accepted that the surplus arising out of the sale of 1,145 equity shares, acquired prior to 1944, and 14,000 deferred shares, acquired prior to 1946, represented capital gains. There were also sales by Dr. Ghosh of 20,000 equity shares which it is stated in the assessment order were acquired in September, 1960, and sold a few days thereafter. The surplus from such sales was assessed as business income.
S Venkitaramanan, a member of the Indian Administrative Service, had served as Finance Secretary and adviser to the Government of Karnataka prior to his appointment as Governor. R.N. Malhotra, a member of the Indian Administrative Service, served as Secretary, Finance and Executive Director of the IMF. Prior to his appointment as Governor. He had a short tenure of seven months.
The new shares were acquired and parted with by the assessees, it was stated, only to fulfil the requirements of the purchasers. These facts may now be applied to the test laid down by the Supreme Court in the case of G. Venkataswami Naidu & Co. v. CIT 35 ITR 594.
The period saw conscious efforts to consolidate the banking industry. The Bank acquired powers in September 1960 to enforce amalgamations and delicensing of banks. The Bank was also active in catalysing medium term lending to industry by commercial banks by invoking the concept of refinance which led to the establishment of the Refinance Corporation for Industry Ltd. Deposit Insurance for bank deposits was introduced in 1962 making India one of the earliest countries to experiment with Deposit Insurance. In the sphere of monetary policy, the variable cash reserve ratio was used for the first time as were the selective credit controls. The assessee had never purchased and sold shares earlier and the purchase and sale of the present shares were certainly not allied to any business carried on by the assessees whose only association with the business world in the past was working for the company which they had nurtured.
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