Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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HC held that assignment of leasehold rights for industrial land by a lessee to a third party for a lump sum consideration does not constitute a supply under GST provisions. The court determined that Section 7(1)(a) of the GST Act, read with Schedule II, Clause 5(b) and Schedule III, Clause 5, does not attract GST levy for such transactions involving transfer of immovable property rights. Following the precedent set in a prior Gujarat HC decision, the court recognized this as a significant legal issue affecting multiple pending petitions, effectively providing relief to industrial land lessees by exempting such assignments from GST taxation.
HC held that assignment of leasehold rights for industrial land by a lessee to a third party for a lump sum consideration does not constitute a supply under GST provisions. The court determined that Section 7(1)(a) of the GST Act, read with Schedule II, Clause 5(b) and Schedule III, Clause 5, does not attract GST levy for such transactions involving transfer of immovable property rights. Following the precedent set in a prior Gujarat HC decision, the court recognized this as a significant legal issue affecting multiple pending petitions, effectively providing relief to industrial land lessees by exempting such assignments from GST taxation.
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