Newsletter dated 24th August, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Trust in yourself. Your perceptions are often far more
accurate than you are willing to believe.”
Law Updates:
 Company belatedly disclosed two contracts entered into by it which
constituted price sensitive information, Adjudicating Officer was
justified in imposing penalty against company and its directors for
violation of PIT Regulations: SAT Mumbai.
 SLP dismissed against High Court's ruling that unless rig owned by
assessee was actually used for a period of 120 days in India, same
could not be considered as PE under article 5(2)(j) of India - USA
DTAA: Supreme Court.
 Gujarat High Court slams AO for passing transfer order without
hearing to assesse: High Court Gujarat.
 Brought Forward MAT credit to be set-off against total income after
including Surcharge and Cess.
PROFESSIONALS INPUTS:
 CBEC vide Circular No. 38 of 2016 dated 22nd
August 2016 has
issued Guidelines regarding Provisional Assessment under section
18 of the Custom Act, 1962.
 CBEC vide Circular No. 199/09/2016-ST dated 22nd
August, 2016
has stated that some Services provided to the Government, a local
authority or a governmental authority with regard to water supply
are liable for service tax.
 CBDT vide Notification No. 75/2016 dated 19th
August 2016 has
issued the Income-tax (21st Amendment) Rules, 2016.
MARKET WATCH:
SENSEX: 2,7990.21 4.67 NIFTY: 8,632.60 3.45
SILVER: 44.,733. 00 3.00 GOLD (MCX): 31,280.00 13.00
USD/INR: 67.03 -0.16 CRUDE OIL: 3,186.00 -61.00
CS Rajiv Bajaj
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Date: 24th
August, 2016

2. www.csrajivbajaj.com
RAM JETHMALANI
Ex Union Law Minister
Ram Jethmalani born 14 September 1923, is an Indian lawyer and politician. He
has served as India's Union Law Minister and as Chairman of Bar Council of India.
He has represented a sweep of cases from the high-profile to the controversial for
which he has often faced severe criticism. He is the highest paid Indian lawyer. He
has always claimed that 90% of the cases he fights is free of cost.
Ram Jethmalani is known as a maverick lawyer with many distinctions to his
credit. He obtained a law degree at an early age of 17 and started practising law in
his hometown (in today's Pakistan) until the partition of India. He married Durga Jethmalani and later, his
second wife, Ratna Jethmalani. The partition led him to move to Mumbai as a refugee and he began his life
afresh with his family. He has two sons and two daughters, of whom, Mahesh Jethmalani and Rani Jethmalani
are also well known lawyers.
Personl Life
Ram Jethmalani was born Shikarpur in the Sindh division of the then Bombay Presidency, now part of Pakistan
in the family of Boolchand Gurmukhdas Jethmalani and Parbati Boolchand. He got a double promotion in
school and completed matriculation at the age of 13. He secured an LLB degree at the young age of 17 from
S.C. Shahani Law College, Karachi. At that time, the minimum age for becoming a lawyer was 21, but a special
resolution allowed him to become a lawyer at 18. He received his L.L.M. from S.C. Shahani Law College,
Karachi .
Professional Career
Ram Jethmalani started his career as a professor in Sindh before partition. He started his own law firm
in Karachi with his friend A.K. Brohi who was senior to him by six years. In February 1948, when the riots
broke out in Karachi, he fled to India on the advice of his friend Brohi who later turned to be the Law Minister
of Pakistan.
Ram Jethmalani first came to spot light with his appearance in the famous K. M. Nanavati vs. State of
Maharashtra case in 1959 withYeshwant Vishnu Chandrachud, later to become Chief Justice of India. His later
defence of a string of smugglers in the late 1960s established Jethmalani’s image as a 'smuggler’s lawyer'. Even
back then, he would point out that he was only doing his duty as a lawyer.
In 1953, he became a part-time professor at the Government Law College, Mumbai for both graduate and post
graduate studies. He also taught Comparative law at International Law at Wayne State University in Detroit,
Michigan. He has also been the Chairman of Bar Council of India for four tenures both before and after
the emergency. He was also a member of International Bar Association 1996.He has also been Professor
Emeritus at Symbiosis Law School, Pune since 2003.
While he was a young lawyer, he was offered the judgeship of City Civil Court in Bombay but he refused the
post stating that then he was not respectable enough.
Awards and Achivements
 International Jurist Award
 World Peace Through Law Award
 In 1977 he received Human Rights Award instituted by World Peace Through Law for his fight against
authoritarianism at Philippines.