Exemption conditions for long-term leased plots require continued industrial use, state monitoring and joint liability for tax The amendment reduces the specified figure from fifty to twenty and substitutes provisos making exemption on long term lease contingent on use for allotted industrial or financial activity, State Government monitoring and enforcement, and a requirement that original lessor, original lessee and any subsequent lessee, buyer or owner be jointly and severally liable to pay central tax (with interest and penalty) on any violation or change of land use; lease and sale agreements must record the exemption and obligate compliance. The amendment 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.
Exemption conditions for long-term leased plots require continued industrial use, state monitoring and joint liability for tax
The amendment reduces the specified figure from fifty to twenty and substitutes provisos making exemption on long term lease contingent on use for allotted industrial or financial activity, State Government monitoring and enforcement, and a requirement that original lessor, original lessee and any subsequent lessee, buyer or owner be jointly and severally liable to pay central tax (with interest and penalty) on any violation or change of land use; lease and sale agreements must record the exemption and obligate compliance. The amendment is effective from 1 January 2020.
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