Wednesday, June 15, 2016

Service received from foreign underwriters was taxable under reverse charge

The CESTAT, Chennai Bench held that where Adjudicating Authority demanded service tax from assessee under reverse charge mechanism alleging that it availed services of underwriter outside India for purpose of underwriting of firm as well as optional American Depository Shares and commission paid to underwriter was taxable under underwriting services, prima facie services provided to assessee would fall under section 65(105)(z).

SesaSterlite Ltd. v. Commissioner of Central Excise, Tirunelveli [2016] 69 taxmann.com 251

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