As m using bash, export PATH=$PATH:/home/arslan/dir/install/bin seems to resolved this issue of arm-elf-gcc. M really grateful for your help.
After that, when i went on making the source, a new sort of error has been arrived.
It seems to be quite a big problem as compare to last one. It look like this:
make[1]: Entering directory `/home/arslan/osmocom-bb/src/target/firmware'
LD board/compal_e88/hello_world.highram.elf
apps/hello_world/main.o: In function `console_rx_cb':
/home/arslan/osmocom-bb/src/target/firmware/apps/hello_world/main.c:59: undefined reference to `msgb_free'
comm/libcomm.a(sercomm.o): In function `sercomm_sendmsg':
/home/arslan/osmocom-bb/src/target/firmware/comm/sercomm.c:138: undefined reference to `msgb_enqueue'
comm/libcomm.a(sercomm.o): In function `msgb_alloc_headroom':
/home/arslan/osmocom-bb/src/target/firmware/../../shared/libosmocore/include/osmocom/core/msgb.h:388: undefined reference to `msgb_alloc'
comm/libcomm.a(sercomm.o): In function `sercomm_drv_pull':
/home/arslan/osmocom-bb/src/target/firmware/comm/sercomm.c:174: undefined reference to `msgb_dequeue'
/home/arslan/osmocom-bb/src/target/firmware/comm/sercomm.c:201: undefined reference to `msgb_free'
comm/libcomm.a(sercomm.o): In function `sercomm_drv_rx_char':
/home/arslan/osmocom-bb/src/target/firmware/comm/sercomm.c:259: undefined reference to `msgb_free'
comm/libcomm.a(sercomm.o): In function `dispatch_rx_msg':
/home/arslan/osmocom-bb/src/target/firmware/comm/sercomm.c:240: undefined reference to `msgb_free'
comm/libcomm.a(sercomm_cons.o): In function `msgb_alloc_headroom':
/home/arslan/osmocom-bb/src/target/firmware/../../shared/libosmocore/include/osmocom/core/msgb.h:388: undefined reference to `msgb_alloc'
make[1]: *** [board/compal_e88/hello_world.highram.elf] Error 1
make[1]: Leaving directory `/home/arslan/osmocom-bb/src/target/firmware'
make: *** [firmware] Error 2