Held - The agreement made between the applicant, GSRTC, Hubtown and the lessee for 90 years can by no stretch of imagination be termed as a sale but in fact is a lease, as the nomenclature suggest with many restrictions though with a right to further sublet in favour of third parties,, for residue period of lease only in the manner set out in the lease deed subject further to the condition that in case there is violation of any condition by le.....

Held - It may be also be argued that one-time lease premium is different and distinct from lease rent and that it is not a periodical payment, but a one time.

In this regard, it has to be noted that the nature of the transaction does not depend on the nature of the consideration. Even if the consideration is in the form of a one-time payment by way of premium, the supply shall remain to be that of a Lease and shall not become a Sale.

Held - If one refers to Schedule II, section 7, then, Item No. 2 styled as land and building and any lease, tenancy, or license to occupy land is a supply of service. Any lease or letting out of a building, including commercial, industrial or residential complex for a business, either wholly or partly is a supply of service. It is settled law that such provisions in a taxing statute would have to be read together and harmoniously in order to u.....