In Lavasa Corporation Ltd. v. Jitendra Jagdish Tulsiani  (Bombay HC), agreement of lease was executed to take apartments on long term lease of 999 years. Most importantly 80% of the cost was paid and substantial amount of stamp duty and registration charges were paid. Lease rent was nominal Rs. 1 p.a. It was held that though nomenclature of the document is ‘Agreement to Lease’ but in its real purpose, it is an ‘Agreement to sale’. Law is well settled that the nomenclature of the document cannot be a true test of its real intent of parties. The document has to be read as a whole to ascertain the intention of parties. It look like, this transaction is ‘Agreement to Sale’.
This judgment is in respect of RERA, but the principle should apply to GST also.