State tax exemption for long-term lease plots tightened with use restrictions, compliance monitoring, and joint liability for violations. State tax exemption conditions for long-term lease of plots in industrial or financial business areas were amended by reducing the figure in the relevant entry and replacing the attached conditions. The leased plots must be used only for the allotted industrial or financial purpose, and the Government concerned must 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 for the tax otherwise payable on the upfront lease amount, with interest and penalty, and the lease documents must record the exemption and compliance obligation.
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Provisions expressly mentioned in the judgment/order text.
State tax exemption for long-term lease plots tightened with use restrictions, compliance monitoring, and joint liability for violations.
State tax exemption conditions for long-term lease of plots in industrial or financial business areas were amended by reducing the figure in the relevant entry and replacing the attached conditions. The leased plots must be used only for the allotted industrial or financial purpose, and the Government concerned must 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 for the tax otherwise payable on the upfront lease amount, with interest and penalty, and the lease documents must record the exemption and compliance obligation.
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