https://www.taxtmi.com/caselaws?id=242787 Underwriting commission earned in relation to Government securities was held not taxable as underwriting service under the Finance Act, 1994 because the relevant SEBI underwriting definitions apply to securities of a body corporate. Government securities are sovereign securities, and RBI merely manages their issue and auction on behalf of the Government of India. On that basis, the activity did not fall within the scope of taxable underwriting service, and the service tax demand was not sustainable. en-us Wed, 18 Sep 2013 00:00:00 +0530 Thu, 23 Feb 2017 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242787 Underwriting commission earned in relation to Government securities was held not taxable as underwriting service under the Finance Act, 1994 because the relevant SEBI underwriting definitions apply to securities of a body corporate. Government securities are sovereign securities, and RBI merely manages their issue and auction on behalf of the Government of India. On that basis, the activity did not fall within the scope of taxable underwriting service, and the service tax demand was not sustainable. Case-Laws Service Tax Wed, 18 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242787