Tax exemption conditions for long term leased industrial plots require continued land use or joint liability on violation. The notification conditions State tax exemption on long term leases of plots upon continued use for the allotted industrial or financial purpose, requires State monitoring and enforcement, and mandates lease and sale agreements to disclose the exemption and obligate compliance. It imposes joint and several liability on the original lessor, original lessee and any subsequent lessee, buyer or owner for payment of State tax that would have been payable on the upfront lease amount, plus applicable interest and penalty, in the event of any violation or change of land use.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption conditions for long term leased industrial plots require continued land use or joint liability on violation.
The notification conditions State tax exemption on long term leases of plots upon continued use for the allotted industrial or financial purpose, requires State monitoring and enforcement, and mandates lease and sale agreements to disclose the exemption and obligate compliance. It imposes joint and several liability on the original lessor, original lessee and any subsequent lessee, buyer or owner for payment of State tax that would have been payable on the upfront lease amount, plus applicable interest and penalty, in the event of any violation or change of land use.
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