State tax exemption on long-term plot leases now requires continued industrial use and compliance clauses in agreements. State tax exemption conditions for long-term lease of plots in industrial or financial business areas were amended. The plots must continue to be used for the allotted industrial or financial purpose, the State Government is to monitor compliance, and any violation or change of land use makes the original lessor, original lessee, and subsequent transferees jointly and severally liable for the tax otherwise payable, with interest and penalty. Lease and sale agreements must record the exemption and the associated conditions.
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Provisions expressly mentioned in the judgment/order text.
State tax exemption on long-term plot leases now requires continued industrial use and compliance clauses in agreements.
State tax exemption conditions for long-term lease of plots in industrial or financial business areas were amended. The plots must continue to be used for the allotted industrial or financial purpose, the State Government is to monitor compliance, and any violation or change of land use makes the original lessor, original lessee, and subsequent transferees jointly and severally liable for the tax otherwise payable, with interest and penalty. Lease and sale agreements must record the exemption and the associated conditions.
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