Newsletter dated 04th February, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Life will only change when you become more committed to
your Dreams than you are to your comfort zone.”
Law Updates:
 Tracing order cannot be obtained in cases of diversion of funds by
promoters on strength of sketchy pleas: Delhi High Court.
 Bombay High Court in a judgment stated that penalty under Customs
can be imposed simultaneously on firm and its partners.
 Intimation sent by AO to be rectified if assessee had wrongly included
Deferred Tax Asset provision in its income: Ahmedabad – Tribunal.
PROFESSIONALS INPUTS:
 CBEC vide Circular No. 03/2016-Cus dated 03rd
February, 2016
extended the Indian Customs Single Window to other locations and
other Participating Government Agencies.
 CBEC vide Notification No. 02/2016-Central Excise (N.T.) dated 02nd
February, 2016 seeks to amend CENVAT Credit Rules, 2004, so as to
specify that the Cenvat credit of any duty specified in sub-rule (1) shall
not be utilized for payment of the Swachh Bharat Cess and allow credit
of service tax paid on sale of dutiable goods on commission basis.
 CBEC vide Notification No. 3/2016- Central Excise (N.T) dated 3rd
February, 2016 seeks to amend Notification No. 45/2001 - CE (NT)
dated 26th June, 2001, as amended, to allow export of
material/equipment under bond, without payment of Central Excise
duty, for Kholongchhu Hydro-Electric Project (KHEP) in Bhutan.
 CBEC vide Notification No. 01/2016-Service Tax dated 03rd
February,
2016 seeks to amend notification No. 41/2012- ST, dated the 29th
June, 2012 so as to allow refund of service tax on services used beyond
the factory or any other place or premises of production or manufacture
of the said goods for the export of the said goods and to increase the
refund amount commensurate to the increased service tax rate.
MARKET WATCH:
SENSEX: 24330.97 110.65 NIFTY: 7402.20 39.40
SILVER: 35701.00 896.00 GOLD (MCX): 27197.00 306.00
USD/INR: 68.07 0.09 CRUDE OIL: 2168.00 99.00
CS Rajiv Bajaj
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Bajajr66@gmail.com
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Date: 04th
February, 2016

2. www.csrajivbajaj.com
Varun Agarwal
Co-founder Alma Mater, Reticular and Last Minute
Films.
“Most ideas fizzle out because everyone spends hours just
thinking about them and not doing anything.”
Varun Agarwal is an Indian first-generation entrepreneur, film maker and
author. Born on December 6, 1987, in Bangalore, India, he did his
schooling from Bishop Cotton Boys' School and started engineering in
CMR Institute of Technology Bangalore, Karnataka. He decided to drop
out of college because he lacked interest in pursuing engineering.
Thereafter he started making short films.
He co-founded Alma Mater and two other companies — Reticular and
Last Minute Films. He is also the author of a bestseller book How I Braved Anu Aunty and Co-Founded A
Million Dollar Company.
Career
During his engineering college days in Bangalore, he started film-making. It was at that time that he founded his
first business venture 'Last Minute Films' (LMF).
Film Making
LMF is an Indian film production company with successful music videos, corporate films and ad films. LMF
has got more than 350,000 hits on YouTube. As a film maker, Varun has directed A. R. Rahman and Preity
Zinta,and also worked with Karan Johar which he considers to be one of the greatest experiences of his life.
Varun's video channel has over 1,050,000 views.
Entrepreneur
After dropping his BE (Bachelor of Engineering) graduation in Telecommunication, at 22 years, he co-founded
his second business venture, Alma Mater, with his friend Rohn Malhotra. Alma Mater has successfully
partnered with educational institutions across India in being able to make and supply customized sweatshirts to
alumni. It is now India's largest company for providing merchandise to students of schools and colleges.
Besides these two companies he also co-founded Reticular. Varun has been featured on the cover of India
Today as well as on the CNBC Young Turks Show.
Author
In June 2012, after his success with 'Alma Mater', his debut book, the semi-autobiographical How I Braved
Anu Aunty and Co-Founded A Million Dollar Company, chronicling his journey as an entrepreneur was
published by Rupa & Co. and became a best-seller.