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2011 (11) TMI 421 - AT - Service TaxStay of Demand - The department was of the view that the services of lead managers to the issue and underwritings and other banking & financial services had been received by the Appellant from offshore services provider - ABN and JP Morgan and, therefore, the appellants being service recipients are liable to pay service tax in respect of the same - The services provided by the underwriters is taxable under Section 65(105)(z) read with Section 65(116) & 65(117) of the Finance Act, 1994 - Held that: the prima facie view that the services provided by the appellant for which about Rs. 12,34,37,000/- had been paid by the them to the offshore service providers were taxable services of Underwriter's Services and Merchant Banker' Services - Pre-deposit ordered partly.
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