Lease compliance obligation imposes joint and several tax liability for change of land use and mandates contractual disclosure. Amendment substitutes the figure 50 with 20 for serial number 41 and replaces the conditional entry to require that leased plots be used for the allotted industrial or financial purpose, be monitored and enforced by the State Government, and that any violation or change of land use makes the original lessor, original lessee and any subsequent lessee, buyer or owner jointly and severally liable for the state tax on the upfront long term lease amount with applicable interest and penalty; lease and sale agreements must record the exemption and obligate compliance. Effective from January first, 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.
Lease compliance obligation imposes joint and several tax liability for change of land use and mandates contractual disclosure.
Amendment substitutes the figure 50 with 20 for serial number 41 and replaces the conditional entry to require that leased plots be used for the allotted industrial or financial purpose, be monitored and enforced by the State Government, and that any violation or change of land use makes the original lessor, original lessee and any subsequent lessee, buyer or owner jointly and severally liable for the state tax on the upfront long term lease amount with applicable interest and penalty; lease and sale agreements must record the exemption and obligate compliance. Effective from January first, 2020.
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