Lease tax conditionality: exemption requires allotted land use, state monitoring and joint liability for breaches. The amendment substitutes the figure in column (3) against serial number 41 and replaces column (5) to condition the tax exemption on long term leases upon use of plots for their allotted industrial or financial purpose, state monitoring and enforcement, joint and several liability of original lessor, original lessee and any subsequent lessee/buyer/owner to pay the state tax that would have been payable on the upfront lease amount on violation or change of land use with interest and penalty, and a requirement that lease or sale agreements disclose the exemption and obligate compliance.
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.
Lease tax conditionality: exemption requires allotted land use, state monitoring and joint liability for breaches.
The amendment substitutes the figure in column (3) against serial number 41 and replaces column (5) to condition the tax exemption on long term leases upon use of plots for their allotted industrial or financial purpose, state monitoring and enforcement, joint and several liability of original lessor, original lessee and any subsequent lessee/buyer/owner to pay the state tax that would have been payable on the upfront lease amount on violation or change of land use with interest and penalty, and a requirement that lease or sale agreements disclose the exemption and obligate compliance.
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 
