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www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“The limits of the possible can only be defined by going
beyond them into the impossible.”
Law Updates:
 SLP was granted against order of High Court where it was held that
section 44BB is a complete code in itself and amount received by
way of reimbursement of actual expenses, was not, in any way,
excluded from ambit of section 44BB.
 Secured creditors could realise their dues even when claims weren't
lodged with liquidator: Mumbai High Court.
 Income derived from flowers and petals grown in plots held as
agricultural income.
 AO couldn't levy sec. 234B interest via rectification route when
CIT(A) had already deleted such interest.
 Issuance of shares at huge premium even after low net-worth calls
for reassessment against company.
 Advances/loans received by HUF from a closely-held co. is taxable
as deemed dividend u/s 2(22)(e) if Karta, who is shareholder in
lending company has substantial interest in the HUF even if HUF is
not registered and/or shareholder: Supreme Court.
PROFESSIONALS INPUTS
 CBDT vide Press Release dated 06th
January 2017 has said that
India and Kazakhstan sign Protocol to amend the Double Taxation
Avoidance Convention (DTAC).
 CBDT vide Notification No. 2/2017 dated 06th
January 2017 has
notified the Income–tax (1st Amendment) Rules, 2017 which shall
come into force on the date of their publication in the Official
Gazette .
MARKET WATCH:
SENSEX: 26,759.23 -119.01 NIFTY: 8,243.80 -30.00
SILVER: 40,032.00 -71.00 GOLD (MCX): 27,893.00 -55.00
USD/INR: 67.96 0.00 CRUDE OIL: 3,644.00 13.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 9th
January, 2017
www.csrajivbajaj.com
Vinita Gupta
Founder and Chairman of Digital Link Corporation
Vinita Gupta (born 1949) is an Indian-born American businesswoman.
She is the founder and chairman of Digital Link Corporation (now Quick
Eagle Networks). She is credited with being the first woman of Indian
origin to take her company public in the United States.
Early life and Education
Gupta was born in 1949 in India and spent her early years in Delhi. In
1973 she earned a bachelor's degree in electronics and communications from the University of
Roorkee (now Indian Institute of Technology Roorkee). In 1974 she came to the United States and
earned an M.S. in electrical engineering from University of California Los Angeles.
Career
In her early career, Gupta worked as an engineer for GTE Lenkurt and later held engineering
management positions at Bell Northern Research (now part of Nortel Networks).
In May 1985 Gupta founded Digital Link Corporation, a company which engaged in the design,
manufacture, marketing, and support of digital wide-area network access products for global
networks. The company went public in 1994 and was later renamed as Quick Eagle Networks. Gupta
still serves as chairman, chief executive officer and president.
Gupta also serves as chairman of Palo Alto Medical Foundation Research Institute. She also serves on
the board of Indian School of Business (ISB), Hyderabad andCancer Prevention Institute of California.
Gupta holds two US Patents, one for a solid state relay issued in 1984 and another for a square root
circuit issued in 1986.
Honors
For two consecutive years, Working Woman Magazine has named Digital Link one of the top 500
women-owned businesses in the United States. She was 1999 honoree at Asian Pacific Fund.
Personal Life
 Gupta is married to Narendra Gupta, vice chairman and interim president and CEO of Wind
River Systems, and co-founder of Integrated Systems. Gupta has two daughters.

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Newsletter dated 09th January, 2017

  • 1. www.csrajivbajaj.com THOUGHT OF THE DAY THOUGHT OF THE DAY “The limits of the possible can only be defined by going beyond them into the impossible.” Law Updates:  SLP was granted against order of High Court where it was held that section 44BB is a complete code in itself and amount received by way of reimbursement of actual expenses, was not, in any way, excluded from ambit of section 44BB.  Secured creditors could realise their dues even when claims weren't lodged with liquidator: Mumbai High Court.  Income derived from flowers and petals grown in plots held as agricultural income.  AO couldn't levy sec. 234B interest via rectification route when CIT(A) had already deleted such interest.  Issuance of shares at huge premium even after low net-worth calls for reassessment against company.  Advances/loans received by HUF from a closely-held co. is taxable as deemed dividend u/s 2(22)(e) if Karta, who is shareholder in lending company has substantial interest in the HUF even if HUF is not registered and/or shareholder: Supreme Court. PROFESSIONALS INPUTS  CBDT vide Press Release dated 06th January 2017 has said that India and Kazakhstan sign Protocol to amend the Double Taxation Avoidance Convention (DTAC).  CBDT vide Notification No. 2/2017 dated 06th January 2017 has notified the Income–tax (1st Amendment) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette . MARKET WATCH: SENSEX: 26,759.23 -119.01 NIFTY: 8,243.80 -30.00 SILVER: 40,032.00 -71.00 GOLD (MCX): 27,893.00 -55.00 USD/INR: 67.96 0.00 CRUDE OIL: 3,644.00 13.00 CS Rajiv Bajaj 9811453353 Bajajr66@gmail.com youtube.com/csrajivbajaj https://www.facebook.com/Rajiv 1Bajaj http://www.csrajivbajaj.com Date: 9th January, 2017
  • 2. www.csrajivbajaj.com Vinita Gupta Founder and Chairman of Digital Link Corporation Vinita Gupta (born 1949) is an Indian-born American businesswoman. She is the founder and chairman of Digital Link Corporation (now Quick Eagle Networks). She is credited with being the first woman of Indian origin to take her company public in the United States. Early life and Education Gupta was born in 1949 in India and spent her early years in Delhi. In 1973 she earned a bachelor's degree in electronics and communications from the University of Roorkee (now Indian Institute of Technology Roorkee). In 1974 she came to the United States and earned an M.S. in electrical engineering from University of California Los Angeles. Career In her early career, Gupta worked as an engineer for GTE Lenkurt and later held engineering management positions at Bell Northern Research (now part of Nortel Networks). In May 1985 Gupta founded Digital Link Corporation, a company which engaged in the design, manufacture, marketing, and support of digital wide-area network access products for global networks. The company went public in 1994 and was later renamed as Quick Eagle Networks. Gupta still serves as chairman, chief executive officer and president. Gupta also serves as chairman of Palo Alto Medical Foundation Research Institute. She also serves on the board of Indian School of Business (ISB), Hyderabad andCancer Prevention Institute of California. Gupta holds two US Patents, one for a solid state relay issued in 1984 and another for a square root circuit issued in 1986. Honors For two consecutive years, Working Woman Magazine has named Digital Link one of the top 500 women-owned businesses in the United States. She was 1999 honoree at Asian Pacific Fund. Personal Life  Gupta is married to Narendra Gupta, vice chairman and interim president and CEO of Wind River Systems, and co-founder of Integrated Systems. Gupta has two daughters.