https://www.taxtmi.com/caselaws?id=128930 ITAT held that the lead managers did not purchase and resell the GDRs, so commissions were payments for services, not sale discounts or a finished-package purchase. Management and selling commissions qualified as fees for technical services under s.9(1)(vii) and were deemed to arise in India, making the resident issuer liable to deduct tax under s.195(1); underwriting commission was not FTS for issues outside the USA but, where no underwriting occurred (US qualified institutional placements), the payment was FTS and taxable. Reimbursements were non-taxable. UK DTAA excluded these payments from FTS, so no s.201 default or s.201(1A) interest on them. Appeals allowed as indicated. en-us Wed, 24 Apr 2002 00:00:00 +0530 Tue, 30 Sep 2025 19:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=128930 ITAT held that the lead managers did not purchase and resell the GDRs, so commissions were payments for services, not sale discounts or a finished-package purchase. Management and selling commissions qualified as fees for technical services under s.9(1)(vii) and were deemed to arise in India, making the resident issuer liable to deduct tax under s.195(1); underwriting commission was not FTS for issues outside the USA but, where no underwriting occurred (US qualified institutional placements), the payment was FTS and taxable. Reimbursements were non-taxable. UK DTAA excluded these payments from FTS, so no s.201 default or s.201(1A) interest on them. Appeals allowed as indicated. Case-Laws Income Tax Wed, 24 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=128930