INSIGHTS

Introduction : If you have ever found yourself in the uncomfortable position of explaining to a client why the tax authorities wanted to treat a seemingly innocuous long term lease assignment as a taxable supply, you are in good company. Developers have been complaining, and quite rightly so, that the assignment of long-term leasehold rights in industrial plots (GIDC land allotments in Gujarat, MIDC plot allotments in Maharashtra and similar rights in other states) have been