Newsletter dated 27th September, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Whatever you do, it’s important to build respect in your fellow
men.”
Law Updates:
 Conditional transfer of shares couldn't be held as benefit or
perquisite if assessee didn't satisfy such conditions.
 In view of pending dispute with employees over quantum of bonus,
the amount of bonus was paid to the Trust (formed for benefit of
employees) and as the dispute was settled well in time the trust paid
the bonus amount to employees before the due date, disallowance of
the same cannot be made by invoking the provisions of section
40A(9) or section 43B(b). Nor any disallowance can be made for the
reason that bonus was not paid by the employer-assessee directly in
cash to employees and payment was made to employees by the trust:
Supreme Court.
 No abuse of dominance by DLF in relevant market as there were
other real estate developers therein: CCI.
 Time spent in obtaining copy of missing challan of pre-deposit is a
valid cause to condone delay.
PROFESSIONALS INPUTS
 CBEC vide Notification No. 46/2016-CENT dated 26th
September
2016 has Seeks to amend Notification No. 20/2016-CE (NT) dated
01.03.2016 [Central Excise (Removal of Goods at Concessional
Rate of Duty for manufacture of Excisable and other Goods) Rules,
2016].
 CBEC released draft rules and forms under GST on Registration,
Invoice and Payment..
MARKET WATCH:
SENSEX: 28,294.28 -373.94 NIFTY: 8,723.05 -108.50
SILVER: 46,031.00 -510.00 GOLD (MCX): 31,270.00 -46.00
USD/INR: 66.56 -0.09 CRUDE OIL: 2,965.00 -131.00
CS Rajiv Bajaj
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Date: 27th
September, 2016

2. www.csrajivbajaj.com
Jeff Bezos
Founder Amazon.com
Jeff Bezos is an American technology entrepreneur and investor. He has played a
major role in the growth of e-commerce as the founder, chairman and CEO
of Amazon.com, an Internet merchant of books and later of a wide variety of
products and services, most recently video streaming. Amazon.com became the
world's largest online retailer on the World Wide Web and a model
for Internet sales.
Bezos' other business interests include aerospace and newspapers. He is the
founder and owner of privately-funded aerospace developer and
manufacturer Blue Origin (founded in 2000) with test flights to space beginning in 2015, and plans for
commercial suborbital human spaceflight beginning in 2018. In 2013, Bezos purchased The Washington
Post newspaper.
As of August 2016, Bezos' personal wealth is estimated to be US$66.7 billion, due in part to a recent spike in
Early Life
Bezos was born Jeffrey Preston Jorgensen in Albuquerque, New Mexico, to Jacklyn (née Gise) and Ted
Jorgensen. His maternal ancestors were settlers who lived in Texas, and over the generations acquired a 25,000-
acre (101 km2
or 39 miles2
) ranch near Cotulla. As of March 2015, Bezos was among the largest land holders in
Texas. Bezos' maternal grandfather was a regional director of the U.S. Atomic Energy Commission in
Albuquerque. He retired early to the ranch, where Bezos spent many summers as a youth, working with him. At
an early age, he displayed mechanical aptitude – as a toddler, he even dismantled his crib with a screwdriver
Career
After graduating from Princeton in 1986, Bezos worked on Wall Street in the computer science field.Then he
worked on building a network for international trade for a company known as Fitel. He next worked at Bankers
Trust. Later on he also worked on Internet-enabled business opportunities at D. E. Shaw & Co.
Bezos founded Amazon.com in 1994 after making a cross-country drive from New York to Seattle, writing up
the Amazon business plan on the way. He initially set up the company in his garage.He had left his "well-
paying job" at a New York City hedge fund after learning "about the rapid growth in Internet use", which
coincided with a then-new U.S. Supreme Court ruling holding that mail order catalogs were not required to
collect sales taxes in states where they lack a physical presence."
Recognition
Bezos was awarded an honorary doctorate in Science and Technology from Carnegie Mellon University in
2008. In 2011, The Economist gave Bezos and Gregg Zehr an Innovation Award for the Amazon Kindle.
In 2012, Bezos was named Businessperson of The Year by Fortune.
He is also a member of the Bilderberg Group and attended the 2011 Bilderberg conference in St. Moritz,
Switzerland, and the 2013 conference in Watford, Hertfordshire, England. He is a member of the Executive
Committee of The Business Council for 2011 and 2012.
As of October 22, 2015, according to Bloomberg News, Bezos is the third richest person in the U.S., with a net
worth of $53 billion.
As of August 2016, according to Forbes, Bezos is listed as the 3rd wealthiest person in the world with an
estimated net worth of US$66.7 billion. He was ranked the second best CEO in the world by Harvard Business
Review, after Steve Jobs of Apple.
He has also figured in Fortune's list of Fifty great leaders of the world for three straight years, topping the list in
2015.
In September 2016, Bezos was awarded the Heinlein Prize for Advances in Space Commercialization which
earned him $250,000. The prize money was donated to the Students for the Exploration and Development of
Space by Bezos.