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2002 (10) TMI 54 - HC - Income TaxThrough this petition which is under article 226 of the Constitution of India the petitioners seek quashing of order and the criminal proceedings initiated in pursuance thereof under section 276AB r.w.s. 278B, on the request of learned counsel for the petitioners the Division Bench of this court treated this petition as an application under section 482 of the Criminal Procedure Code. - In the present case also it is clearly stipulated in lease deed that the lease was extendable purely at the discretion and option of the lessee on the second part for a further period of nine years. On a conjoint reading of paras. 1 and 12 of the lease deed, is becomes clear that the lessor intended the lease to last for 18 years. The lessor could not have refused to renew/extend the lease after the first term if the lessee complied with the conditions for renewal/extension. So in view of the Explanation to section 269UA(f)(i), the total terms of lease will be 18 years no matter whether it is for a single term of 18 years or two terms of nine years each or three terms of six years each or six terms of three years each. Whether the subsequent terms are described as extensions or renewals is immaterial for the purpose of section 269UA(f)(i). If the aggregate of the original term and stipulated extension/ renewal comes to more than 12 years, such a lease will fall under the purview of the Explanation to section 269UA(f)(i) and it will be considered to be a lease for not less than 12 years thereby making the provisions of Chapter XX-C applicable thereto. – Petition fails
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