https://www.taxtmi.com/caselaws?id=218196 The Tribunal ruled in favor of the Revenue, determining that the services provided by non-resident Joint Lead Managers constituted issue management services falling under "Merchant Banking Services." The bank's argument that the services were underwriter services performed outside India and not liable for service tax was rejected. The Tribunal found that the services were issue management related services classified under banking and other financial services of the Finance Act as per SEBI rules. The bank was directed to deposit a specified amount within a set period and granted a stay of recovery for the remaining amount pending appeal disposal. en-us Mon, 03 Sep 2012 00:00:00 +0530 Tue, 30 Oct 2012 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218196 The Tribunal ruled in favor of the Revenue, determining that the services provided by non-resident Joint Lead Managers constituted issue management services falling under "Merchant Banking Services." The bank's argument that the services were underwriter services performed outside India and not liable for service tax was rejected. The Tribunal found that the services were issue management related services classified under banking and other financial services of the Finance Act as per SEBI rules. The bank was directed to deposit a specified amount within a set period and granted a stay of recovery for the remaining amount pending appeal disposal. Case-Laws Service Tax Mon, 03 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218196