AAAR: Upholds AAR order rejecting exemption plea for flat sale camouflaged as a lease transaction

Maharashtra AAAR upholds AAR, rejects appellant’s projection of sale transaction of flats in under construction building as a lease transaction of residential unit in an apartment/building; Elucidates that agreement has taken place during the construction of the project and the lease payments are made slab wise before the completion of the project which almost never happens in the lease of a flat or a unit; Highlights that appellant has got the land on a long term lease fro...