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www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“The Tricolor gives the messages of Peace Humanity &
Prosperity Very Warm Greetings on this Happy Republic Day
2017.”
Law Updates:
 Sale of purified water in Milton Jugs of 5 liter and 10 liter is liable
to sales tax: Gujarat High Court.
 Payment by dealer for outright purchase of software is not "royalty".
 No addition on basis of loose papers of receipts recovered during
search of third parties.
 Service tax liability on retreading of tyre is to be restricted on 30%
portion of gross amount: Supreme Court.
 AO couldn't reopen VAT cases merely on basis of subsequent
decision of Apex Court.
 Name of company could be restored even when it was struck off
under Fast Track Exit Scheme: Delhi High Court.
 Service tax liability on retreading of tyre is to be restricted on 30%
portion of gross amount: Supreme Court.
 Company to repay its loan as it failed to substantiate counter-claim
against creditor
Professional INPUTS
 CBDT vide Circular No. 6/2017 dated 24th
January 2017 has issued
Guiding Principles for determination of Place of Effective
Management (POEM) of a Company.
MARKET WATCH:
SENSEX: 27,375.58 258.24 NIFTY: 8,475.80 84.30
SILVER: 41,516.00 0.00 GOLD (MCX): 29,259.00 0.00
USD/INR: 68.16 0.00 CRUDE OIL: 3,591.00 -33.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 25th
January, 2017
www.csrajivbajaj.com
Punit Renjen
CEO of Deloitte
Punit Renjen (born 1961) is an Indian American businessman who has served
as chief executive officer of the multinational professional services
firm Deloitte since June 1, 2015. Previously, Renjen was chairman and CEO of
Deloitte Consulting LLP, and later, held the role of chairman of Deloitte LLP
(United States) from 2011 to 2015.
Renjen was raised in Rohtak, North India. After earning a Master of
Management from Oregon's Willamette University, he was hired by Touche Ross,
which merged into Deloitte in 1989. He has worked at Deloitte and lived in the
United States ever since.
Renjen has served on the boards of directors at Catlin Gabel School, Japan Society, United Way Worldwide,
the U.S.-India Business Council, and his alma mater. He lives in Portland, Oregon.
Early life and Education
Renjen grew up in Rohtak, a city in Haryana's Rohtak district, in India, where his father had established an
electrical switchgear factory. Around age seven, Renjen was sent to The Lawrence School, Sanawar, an
autonomous public co-educational boarding school near Shimla, because his parents were seeking a better
education for him than he was receiving in Rohtak. When Renjen was approximately fourteen years old, his
father's business encountered financial difficulty, and the family's inability to continue paying for boarding
school forced Renjen to return to Rohtak and work at the family factory part time.
Renjen attended a local college, where he earned his Bachelor's degree in economics. After graduating, Renjen
worked for the Delhi-based home appliance company Usha International. In 1984, he earned a Rotary
Foundation Scholarship, affording him airfare to the United States and a full scholarship to Salem, Oregon's
Willamette University. He earned his Master of Management from Willamette's Atkinson Graduate School of
Management in 1986, and has lived in the United States ever since.
Career
After graduating from Willamette, Renjen began interviewing at American firms. In the late 1980s, a partner at
Touche Ross invited him to interview with the company after reading on a flight a local magazine that profiled
Renjen and nine other students. He was initially hired as an associate consultant and has worked at Deloitte ever
since.
His work at Deloitte has included advising multinational companies on divestitures, mergers and acquisitions,
operations, post-merger integration, and strategy. In 2007, he was listed as one of Consulting magazine's "Top
25 Most Influential Consultants". Renjen later served as chairman and CEO of Deloitte Consulting LLP, which
is a United States member firm, then as chairman of Deloitte LLP (United States) for four years beginning in
June 2011. In 2012, 2013, and 2014, he was named an honoree to the National Association of Corporate
Directors (NACD) "Directorship 100".
Renjen currently serves as the CEO of Deloitte Touche Tohmatsu Limited (Deloitte Global). The company
announced Renjen's confirmation on February 16, 2015, following an election and nearly unanimous ratification
by thousands of Deloitte's partners. When Renjen's four-year term as CEO began on June 1, 2015, he became
the first Asia-born person to head one of the Big Four global professional services firms.

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Newsletter dated 25th January, 2017

  • 1. www.csrajivbajaj.com THOUGHT OF THE DAY THOUGHT OF THE DAY “The Tricolor gives the messages of Peace Humanity & Prosperity Very Warm Greetings on this Happy Republic Day 2017.” Law Updates:  Sale of purified water in Milton Jugs of 5 liter and 10 liter is liable to sales tax: Gujarat High Court.  Payment by dealer for outright purchase of software is not "royalty".  No addition on basis of loose papers of receipts recovered during search of third parties.  Service tax liability on retreading of tyre is to be restricted on 30% portion of gross amount: Supreme Court.  AO couldn't reopen VAT cases merely on basis of subsequent decision of Apex Court.  Name of company could be restored even when it was struck off under Fast Track Exit Scheme: Delhi High Court.  Service tax liability on retreading of tyre is to be restricted on 30% portion of gross amount: Supreme Court.  Company to repay its loan as it failed to substantiate counter-claim against creditor Professional INPUTS  CBDT vide Circular No. 6/2017 dated 24th January 2017 has issued Guiding Principles for determination of Place of Effective Management (POEM) of a Company. MARKET WATCH: SENSEX: 27,375.58 258.24 NIFTY: 8,475.80 84.30 SILVER: 41,516.00 0.00 GOLD (MCX): 29,259.00 0.00 USD/INR: 68.16 0.00 CRUDE OIL: 3,591.00 -33.00 CS Rajiv Bajaj 9811453353 Bajajr66@gmail.com youtube.com/csrajivbajaj https://www.facebook.com/Rajiv 1Bajaj http://www.csrajivbajaj.com Date: 25th January, 2017
  • 2. www.csrajivbajaj.com Punit Renjen CEO of Deloitte Punit Renjen (born 1961) is an Indian American businessman who has served as chief executive officer of the multinational professional services firm Deloitte since June 1, 2015. Previously, Renjen was chairman and CEO of Deloitte Consulting LLP, and later, held the role of chairman of Deloitte LLP (United States) from 2011 to 2015. Renjen was raised in Rohtak, North India. After earning a Master of Management from Oregon's Willamette University, he was hired by Touche Ross, which merged into Deloitte in 1989. He has worked at Deloitte and lived in the United States ever since. Renjen has served on the boards of directors at Catlin Gabel School, Japan Society, United Way Worldwide, the U.S.-India Business Council, and his alma mater. He lives in Portland, Oregon. Early life and Education Renjen grew up in Rohtak, a city in Haryana's Rohtak district, in India, where his father had established an electrical switchgear factory. Around age seven, Renjen was sent to The Lawrence School, Sanawar, an autonomous public co-educational boarding school near Shimla, because his parents were seeking a better education for him than he was receiving in Rohtak. When Renjen was approximately fourteen years old, his father's business encountered financial difficulty, and the family's inability to continue paying for boarding school forced Renjen to return to Rohtak and work at the family factory part time. Renjen attended a local college, where he earned his Bachelor's degree in economics. After graduating, Renjen worked for the Delhi-based home appliance company Usha International. In 1984, he earned a Rotary Foundation Scholarship, affording him airfare to the United States and a full scholarship to Salem, Oregon's Willamette University. He earned his Master of Management from Willamette's Atkinson Graduate School of Management in 1986, and has lived in the United States ever since. Career After graduating from Willamette, Renjen began interviewing at American firms. In the late 1980s, a partner at Touche Ross invited him to interview with the company after reading on a flight a local magazine that profiled Renjen and nine other students. He was initially hired as an associate consultant and has worked at Deloitte ever since. His work at Deloitte has included advising multinational companies on divestitures, mergers and acquisitions, operations, post-merger integration, and strategy. In 2007, he was listed as one of Consulting magazine's "Top 25 Most Influential Consultants". Renjen later served as chairman and CEO of Deloitte Consulting LLP, which is a United States member firm, then as chairman of Deloitte LLP (United States) for four years beginning in June 2011. In 2012, 2013, and 2014, he was named an honoree to the National Association of Corporate Directors (NACD) "Directorship 100". Renjen currently serves as the CEO of Deloitte Touche Tohmatsu Limited (Deloitte Global). The company announced Renjen's confirmation on February 16, 2015, following an election and nearly unanimous ratification by thousands of Deloitte's partners. When Renjen's four-year term as CEO began on June 1, 2015, he became the first Asia-born person to head one of the Big Four global professional services firms.