Underwriter services taxable: receiver broadened to any person following regulatory amendment, defined under securities rules. Underwriter's services are taxable under section 65(105)(z): any service by an underwriter in relation to underwriting is a taxable service. The underwriter is defined by the SEBI Underwriters Rules, 1993 as one who engages in underwriting of securities; underwriting means agreement to subscribe to securities when subscriptions fall short. The recipient rule changed from a client to any person from mid May 2008. A CBEC circular withdraws earlier technical clarifications and consolidates guidance on scope, classification, valuation, exports, receipts from outside India and exemptions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Underwriter services taxable: receiver broadened to any person following regulatory amendment, defined under securities rules.
Underwriter's services are taxable under section 65(105)(z): any service by an underwriter in relation to underwriting is a taxable service. The underwriter is defined by the SEBI Underwriters Rules, 1993 as one who engages in underwriting of securities; underwriting means agreement to subscribe to securities when subscriptions fall short. The recipient rule changed from a client to any person from mid May 2008. A CBEC circular withdraws earlier technical clarifications and consolidates guidance on scope, classification, valuation, exports, receipts from outside India and exemptions.
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