Tag Archives: immovable property

ILN Today Post

Specific performance of an agreement to sell of an immovable property

The law with respect to specific performance of a contract is well established in India. The grant of relief of specific performance is a discretionary and equitable relief. The courts are therefore not bound to always grant the relief of specific performance merely because it is lawful to do so, but are required to apply their discretion in a sound and reasonable manner to meet the ends of justice.

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ILN Today Post

Service Tax on Renting of Immovable Property to Educational Institutes

Whilst most educational institutes have been lucky to escape the service tax net when the Finance Bill, 2010 sought to rest the raging controversy surrounding imposition of service tax on renting of immovable property for commercial purposes in favour of the Revenue, their luck has finally run out.

Renting of immovable property to educational institutes will no longer be a service tax exempt service. The Finance Act, 2012 (“FA 2012”), which has received Presidential assent on May 28, 2012, seeks to overhaul the entire service tax regime by widening the ambit of India’s service tax laws.

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