Newsletter dated 30th august, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
"The best preparation for tomorrow is doing your best today."
Law Updates:
 Compensation received by assessee, a member of cooperative
housing society from developer, received towards hardship caused
to assessee on redevelopment was outside ambit of income under
section 2(24) and thus not taxable as a revenue receipt: Mumbai
Tribunal.
 SLP admitted to decide whether block assessment could be made if
material seized by revenue was destroyed in fire: Supreme Court.
 Profit from sale of land owned by assessee, an educational trust,
could not be treated as business income and was eligible for
exemption under section 11 read with section 2(15) as activity of
sale of land was incidental to objects of trust and said profit had
been applied for objects of trust.
 ITAT sets aside order of DRP as it had passed non-speaking order
without considering submissions of assesse: Tribunal Chennai.
 Hiring isn't different from renting; even hiring of cab is liable to
service tax under rent-a-cab services: Gujrat High Court.
PROFESSIONALS INPUTS:
 SEBI vide Press Release No. 136/2016 dated 29th
August 2016 has
inviting public at large to submit Expression of Interest (EOI) in
terms of the above stated notice for sale of properties in 192
districts.
 CBDT vide Press Release dated 29th
August 2016 has issued
Protocol for amendment of the Convention for DTAA between
India and Mauritius.
MARKET WATCH:
SENSEX: 2,7902.66 120.41 NIFTY: 8,607.45 34.90
SILVER: 43,904. 00 -86.00 GOLD (MCX): 30,999.00 -67.00
USD/INR: 67.16 0.04 CRUDE OIL: 3,193.00 18.00
CS Rajiv Bajaj
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Date: 30th
August, 2016

2. www.csrajivbajaj.com
Vineet Nayyar
Vice Chairman of Tech Mahindra
Vineet Nayyar is an Indian businessperson, IT executive, CEO, Vice
Chairman and Managing Director of Tech Mahindra and the
chairman of Mahindra Satyam.
An accomplished leader, he has led several organizations across
industries, creating high performance teams and successful
businesses. In a career spanning over 40 years, he has worked with
the Government, international multilateral agencies and the corporate
sector (both public and private).
Education
Vineet Nayyar was born in 1939. Alumni of Campus School, Pantnagar. He has a master's degree in
Development Economics from Williams College, Massachusetts.
Professional life
Vineet started his career with the Indian Administrative Service and held a series of senior positions,
including that of a District Magistrate, Secretary - Agriculture & Rural Development for the
Government of Haryana and Director, Department of Economic Affairs, Government of India. He also
worked with the World Bank for over 10 years in a series of senior assignments, including successive
terms as the Chief for the Energy, Infrastructure and the Finance Divisions for East Asia and Pacific.
Vineet was also the founding Chairman and Managing Director of the state-owned Gas Authority of
India and has served as the Managing Director of HCL Corporation Ltd., and as the Vice Chairman of
HCL Technologies Ltd. He was also a co-founder and Chief Executive Officer of HCL Perot Systems.
He received a master’s degree in development economics from Williams College, Massachusetts.
In addition to his responsibilities at Tech Mahindra, Vineet’s principal directorships include his
serving as a director on the boards of Venturbay Consultants Private Limited, Mahindra Logisoft
Business Solutions Limited, Tech Mahindra (Thailand) Limited, Tech Mahindra (Beijing) IT services
Limited, Mahindra Holidays and Resorts India Limited, Mahindra United World College of India,
Kotak Mahindra Old Mutual Life Insurance Limited, The Great Eastern Shipping Company Limited,
Greatship (India) Ltd, Vidya Investments Private Limited, Vidya Education Investment Private
Limited, Maurya Education Company Private Limited, Tech Mahindra (Americas) Inc, Tech
Mahindra Foundation, Essel Social Welfare Foundation (formerly-HPS Social Welfare Foundation).
He serves as Chairman of Supervisory Board of Tech Mahindra GmbH. He is also a trustee of Vidya
Education Foundation, Cathedral Vidya Trust and Mahindra Education Foundation.
Vineet was awarded the Ernst and Young ‘Entrepreneur of the year [Manager]’ for the year 2013.