The Hon’ble Supreme Court in Union of India & Ors. v. Gujarat Chamber of Commerce and Industry & Ors. [SLP (C) Diary No. 33270 of 2025 dated July 21, 2026] dismissed the batch of Special Leave Petitions filed by the Revenue against the judgment of the Hon’ble Gujarat High Court dated January 03, 2025, which had held that assignment/sale and transfer of leasehold rights of a plot of land allotted by the Gujarat Industrial Development Corporation (“GIDC”) along with the buildings constructed thereon, by the lessee-assignor in favour of a third-party assignee for a lump-sum consideration, is a transfer of immovable property and would not be subject to levy of GST. The Hon’ble Supreme Court, while dismissing the SLPs, declined the Revenue’s request to clarify the taxability of a standalone transfer of development rights without transfer of the underlying land, thereby keeping the larger question of law open.
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