Leased plots tax exemption conditions: change of land use triggers joint liability and recovery of State tax. The amendment substitutes the figure '50' with '20' in column (3) for serial number 41 and replaces column (5) with conditions: leased plots must be used for their allotted industrial or financial purpose; the State Government will monitor compliance; any violation or change of land use makes the original lessor, original lessee and any subsequent lessee, buyer or owner jointly and severally liable to pay the State tax that would have been payable on the upfront long term lease amount with interest and penalty; and lease, sub lease and sale agreements must disclose the tax exemption and require parties to undertake compliance. The notification is effective from 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.
Leased plots tax exemption conditions: change of land use triggers joint liability and recovery of State tax.
The amendment substitutes the figure "50" with "20" in column (3) for serial number 41 and replaces column (5) with conditions: leased plots must be used for their allotted industrial or financial purpose; the State Government will monitor compliance; any violation or change of land use makes the original lessor, original lessee and any subsequent lessee, buyer or owner jointly and severally liable to pay the State tax that would have been payable on the upfront long term lease amount with interest and penalty; and lease, sub lease and sale agreements must disclose the tax exemption and require parties to undertake compliance. The notification is effective from 1 January 2020.
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