State tax exemption on long term leases conditioned on allotted land use, with joint liability for violations and mandated disclosure. The amendment lowers the concessional figure applied to long term leases and conditions the State tax exemption on leased plots being used for their allotted industrial or financial purpose, with government monitoring. In case of violation or change of land use, the original lessor, original lessee and any subsequent lessee, buyer or owner are jointly and severally liable to pay the State tax that would have been due on the upfront lease amount, with interest and penalty. Lease and sale agreements must disclose the exemption and bind parties to the compliance obligation.
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.
State tax exemption on long term leases conditioned on allotted land use, with joint liability for violations and mandated disclosure.
The amendment lowers the concessional figure applied to long term leases and conditions the State tax exemption on leased plots being used for their allotted industrial or financial purpose, with government monitoring. In case of violation or change of land use, the original lessor, original lessee and any subsequent lessee, buyer or owner are jointly and severally liable to pay the State tax that would have been due on the upfront lease amount, with interest and penalty. Lease and sale agreements must disclose the exemption and bind parties to the compliance obligation.
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