Tax exemption conditions for long-term leased plots require compliance, joint liability for misuse and contractual notice. The amendment substitutes the figure in column (3) at serial number 41 and replaces column (5) to condition the exemption on leased plots being used for their allotted industrial or financial purpose, require State Government monitoring, mandate contractual disclosure of the exemption in lease or sale agreements, and render the original lessor, original lessee and any subsequent lessee, buyer or owner jointly and severally liable to pay the central tax, interest and penalty in case of violation or change of land use; effective 1 January 2020.
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 plots require compliance, joint liability for misuse and contractual notice.
The amendment substitutes the figure in column (3) at serial number 41 and replaces column (5) to condition the exemption on leased plots being used for their allotted industrial or financial purpose, require State Government monitoring, mandate contractual disclosure of the exemption in lease or sale agreements, and render the original lessor, original lessee and any subsequent lessee, buyer or owner jointly and severally liable to pay the central tax, interest and penalty in case of violation or change of land use; effective 1 January 2020.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
