Newsletter dated 13th January, 2017

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“The secret of genius is to carry the spirit of the child into old
age, which means never losing your enthusiasm.”
Law Updates:
 There is violation of takeover code when target co. executes MOU
to develop company's property during offer period: SAT Mumbai.
 Entrance fee of club isn't a capital receipt when it is in form of
refundable deposit: Gujarat High Court.
 No exclusion of comparable just because it had suffered loss in a
particular year: Mumbai High Court.
 SLP granted against High Court's ruling that payment received by
assessee on sale of shrink-wrapped software in India amounted to
royalty as defined under Explanation 2 to section 9(1)(vi).
Professional INPUTS
 CBEC vide Notification No. 03/2017-Cus (N.T.) dated 12th
January
2017 has amended the Notification no. 131/2016-Customs (N.T.)
dated 31.10.2016 relating to AIR of duty drawback.
 CBEC vide Notification No. 01/2017-ST dated 12th
January 2017
has Seeks to amend notification No. 25/2012-ST dated 20.06.2012.
 CBEC vide Notification No. 02/2017-ST dated 12th
January 2017
has seeks to amend Service Tax Rules, 1994 so as to exclude such
persons from the definition of aggregator & specify the person
complying with the sections 29, 30 or 38 read with section 148 of
the Customs Act, 1962 (52 of 1962) as the person liable for paying
service tax.
 CBEC vide Notification No. 4/2017-ST dated 12th
January 2017 has
Seeks to amend notification No. 26/2012-ST dated 20.06.2012 so as
to rationalize the abatement for tour operator services.
MARKET WATCH:
SENSEX: 27,247.16 106.75 NIFTY: 8,407.20 26.55
SILVER: 40,892.00 132.00 GOLD (MCX): 28,891.00 213.00
USD/INR: 68.16 0.03 CRUDE OIL: 3,565.00 106.00
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Date: 13th
January, 2017

2. www.csrajivbajaj.com
Levi Strauss
Founder of Levi Strauss & Co.
Levi Strauss (February 26, 1829 – September 26, 1902) was a German- American
businessman of German Jewish descent who founded the first company to
manufacture blue jeans. His firm, Levi Strauss & Co., began in 1853 in San
Francisco, California.
Origin
Levi Strauss was born in Buttenheim, Germany, on February 26, 1829, in the
Franconian region of Bavaria, Germany, to an Ashkenazi Jewish family. He was the
son of Hirsch Strauss and his second wife Rebecca Strauss. At the age of 18,
Strauss, his mother and two sisters traveled to the United States to join his brothers Jonas and Louis, who had begun
a wholesale dry goods business in New York City called J. Strauss Brother & Co. Young Loeb soon began to learn
the trade himself, and by 1850 he was known among his family and customers as “Levi” (in the census of that year,
his name is spelled “Levy”).
When news of the California Gold Rush made its way east, Levi immigrated to San Francisco to make his fortune,
though he knew he wouldn’t make it panning gold. At the end of January 1853 he became an American citizen, and
in February he headed for the West coast via the Isthmus of Panama. He arrived in bustling, noisy San Francisco in
early March, establishing a wholesale dry goods business under his own name and also serving as the West Coast
representative of the family’s New York firm. His new company imported dry goods — clothing, underwear,
umbrellas, handkerchiefs, bolts of fabric — and sold them to the small stores that were springing up all over
California and the West.
Business career
Levi's sister and her husband David Stern moved to St. Louis, Missouri, while Levi went to live in Louisville,
Kentucky, and sold his brothers' supplies in Kentucky. In January 1853, Levi Strauss became an American citizen.
The family decided to open a West Coast branch of the family dry goods business in San Francisco, which was the
commercial hub of the California Gold Rush. Levi was chosen to represent the family and he took a steamship for
San Francisco, arriving in early March 1853, where he joined his sister's family.
Strauss opened his dry goods wholesale business as Levi Strauss & Co. and imported fine dry goods—clothing,
bedding, combs, purses, handkerchiefs—from his brothers in New York, but right before he made jeans, he made
tents. Levi lived with Fanny's growing family.
Jacob Davis, one of Strauss's customers and one of the inventors of the first pair of riveted denim pants in 1871,went
into business with Strauss to produce blue jeans. The two men patented the new style of work pants in 1873.
Sad Demise
Levi Strauss died on September 26, 1902, in San Francisco at the age of 73. He never married, so he left the business
to his four nephews, Jacob, Sigmund, Louis, and Abraham Stern, the sons of his sister Fanny and her husband David
Stern. He also left bequests to a number of charities, such as the Pacific Hebrew Orphan Asylum and the Roman
Catholic Orphan Asylum. Levi's fortune was estimated to be around 6 million dollars (about $164 million in 2014
dollars). He was buried in Colma, California.
Legacy
A Levi Strauss museum is maintained in Buttenheim, Germany, located in the 1687 house where Strauss was born.
There is also a Visitors Center at Levi Strauss & Co. world headquarters in San Francisco, which features a number
of historical exhibits. There is a Levi Strauss Foundation starting with an 1897 donation to the University of
California, Berkeley.