https://www.taxtmi.com/caselaws?id=377587 An agreement appointing foreign joint lead managers with an underwriting commitment was classified by its essential character as underwriting, because they undertook to subscribe any unsubscribed bonds and assumed the related financial risk; the description of remuneration as management, underwriting and selling commission did not alter that specific classification. As the underwriting activity was performed outside India, the place-of-performance rule meant the payment was not chargeable to service tax under reverse charge in India. The Revenue's challenge therefore failed on both classification and taxability. en-us Wed, 27 Mar 2019 00:00:00 +0530 Mon, 26 Aug 2019 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377587 An agreement appointing foreign joint lead managers with an underwriting commitment was classified by its essential character as underwriting, because they undertook to subscribe any unsubscribed bonds and assumed the related financial risk; the description of remuneration as management, underwriting and selling commission did not alter that specific classification. As the underwriting activity was performed outside India, the place-of-performance rule meant the payment was not chargeable to service tax under reverse charge in India. The Revenue's challenge therefore failed on both classification and taxability. Case-Laws Service Tax Wed, 27 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377587