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Leasehold transfers of land to approved Special Economic Zone units qualify as transfers of land for stamp duty and registration fee exemptions intended to promote industrial establishment. A lease conveys a transferable interest in land for the stipulated term and is not confined to an outright sale. Promissory estoppel protects SEZ fiscal incentives promised under State policy where a lease was executed before the implementing Ordinance, because the Ordinance gave statutory effect to the existing policy. Denial based solely on the timing of the Ordinance would defeat the governmental promise and create unequal treatment of similarly situated SEZ units. The exemption consequently extends to the leasehold transfer, requiring refund processing.
Leasehold transfers of land to approved Special Economic Zone units qualify as transfers of land for stamp duty and registration fee exemptions intended to promote industrial establishment. A lease conveys a transferable interest in land for the stipulated term and is not confined to an outright sale. Promissory estoppel protects SEZ fiscal incentives promised under State policy where a lease was executed before the implementing Ordinance, because the Ordinance gave statutory effect to the existing policy. Denial based solely on the timing of the Ordinance would defeat the governmental promise and create unequal treatment of similarly situated SEZ units. The exemption consequently extends to the leasehold transfer, requiring refund processing.
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