https://www.taxtmi.com/caselaws?id=211948 Services received from offshore lead managers were treated at the stay stage as prima facie taxable where they involved underwriting of the issue and managing the issue. Underwriting was regarded as falling within the taxable service category, while issue management was viewed as merchant banking under banking and financial services. The Board circular cited by the appellant did not displace that prima facie view. As the demand related to taxable services and no case for complete waiver was shown, the Tribunal declined full waiver of pre-deposit and granted only partial relief, with recovery of the balance demand, interest and penalty stayed on compliance. en-us Tue, 29 Nov 2011 00:00:00 +0530 Tue, 10 Apr 2012 21:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211948 Services received from offshore lead managers were treated at the stay stage as prima facie taxable where they involved underwriting of the issue and managing the issue. Underwriting was regarded as falling within the taxable service category, while issue management was viewed as merchant banking under banking and financial services. The Board circular cited by the appellant did not displace that prima facie view. As the demand related to taxable services and no case for complete waiver was shown, the Tribunal declined full waiver of pre-deposit and granted only partial relief, with recovery of the balance demand, interest and penalty stayed on compliance. Case-Laws Service Tax Tue, 29 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211948