Newsletter dated 31st January, 2017

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Judge each day not by the harvest you reap but by the seeds
you plant.”
Law Updates:
 Compensation paid for using pirated software isn't in nature of
penalty; allowable as business expenses: Pune Tribunal.
 Women's footwear without a strap at back is a 'sandal' entitled to 10
per cent customs duty drawback and not 'chappal' eligible for only 5
per cent refund: Delhi High Court.
 NCLT allows compounding of offence on failure of company to
follow Accounting Standard: NCLT Hyderabad.
 SLP dismissed against High Court's ruling that where assessee with
a small amount of authorised share capital, raised huge sum on
account of premium, exercise of revisionary powers by
Commissioner opining that this could be a case of money laundering
was justified: Supreme Court.
 No denial of Cenvat Credit even if invoices are in name of
employees: Mumbai CESTAT.
Professional INPUTS
 RBI vide Notification No. RBI/2016-17/217 dated 30th
January 2017
has decided to withdraw limits placed on cash withdrawals from
Current accounts/ Cash credit accounts/ Overdraft accounts with
immediate effect.
 CBEC vide Notification 6/2017-S.T. dated 30th
January 2017 has
notified the Service Tax (Second Amendment) Rules, 2017.
MARKET WATCH:
SENSEX: 27,849.56 -32.90 NIFTY: 8,632.75 -8.50
SILVER: 41,317.00 774.00 GOLD (MCX): 28,820.00 124.00
USD/INR: 67.8 -0.31 CRUDE OIL: 3,626.00 1.00
CS Rajiv Bajaj
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Date: 31st
January, 2017

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Mark Shuttleworth
Founder of Canonical Ltd.
Mark Richard Shuttleworth (born 18 September 1973) is a South African entrepreneur and
space tourist who became the first citizen of an independent African country to travel to space.
Shuttleworth founded Canonical Ltd. and as of 2013, provides leadership for the Ubuntu
operating system. He currently lives on the Isle of Man and holds dual citizenship of South
Africa and the United Kingdom.
Early Life
Born in Welkom in South Africa's Orange Free State as a son of a surgeon and of a nursery-school teacher,
Shuttleworth attended school at Western Province Preparatory School (where he eventually became Head Boy in
1986), followed by one term at Rondebosch Boys' High School, and then at Bishops/Diocesan College, where he was
Head Boy in 1991.
Shuttleworth obtained a Bachelor of Business Science degree in Finance and Information Systems at the University
of Cape Town, where he lived in Smuts Hall. As a student, he became involved in the installation of the first
residential Internet connections at the university
Work
Shuttleworth founded Thawte Consulting in 1995, which specialised in digital certificates and Internet security. In
December 1999, Thawte was acquired by VeriSign, earning Shuttleworth R 3.5 billion (about US$ 575 million at the
time).
In September 2000, Shuttleworth formed HBD Venture Capital (Here be Dragons), a business incubator and venture
capital provider. In March 2004 he formed Canonical Ltd., for the promotion and commercial support of free
software projects, especially the Ubuntu operating system. In December 2009, Shuttleworth stepped down as the
CEO of Canonical, Ltd
Linus and FOSS
In the 1990s, Shuttleworth participated as one of the developers of the Debian operating system. In 2001 he formed
the Shuttleworth Foundation, a nonprofit organisation dedicated to social innovation which also funds educational,
free, and open source software projects in South Africa, such as the Freedom Toaster. In 2004 he returned to the free
software world by funding the development of Ubuntu, a Linux distribution based on Debian, through his company
Canonical Ltd. In 2005, he founded the Ubuntu Foundation and made an initial investment of 10 million dollars. In
September 2005, he purchased a 65% stake of Impi Linux.
About Ubuntu (operating system)
Ubuntu is a Debian-based Linux operating system and distribution for personal computers, smartphones and network
servers. It uses Unity as its default desktop environment. It is based on free software and named after the Southern
African philosophy of ubuntu (literally, "human-ness"), which often is translated as "humanity towards others" or
"the belief in a universal bond of sharing that connects all humanity".
Development of Ubuntu is led by UK-based Canonical Ltd., a company owned by South African entrepreneur Mark
Shuttleworth. Canonical generates revenue through the sale of technical support and other services related to Ubuntu.
The Ubuntu project is publicly committed to the principles of open-source software development; people are
encouraged to use free software, study how it works, improve upon it, and distribute it.
Awards and Recognistion
 On 25 October 2013, Shuttleworth and Ubuntu were awarded the Austrian anti-privacy Big Brother Award
for sending local Ubuntu Unity Dash searches to Canonical servers by default.
 In September 2010, he received an honorary degree from the Open University for this work