M/S. GOVIND IMPEX (P) LTD. vs APPROPRIATE AUTHORITY INCOME TAX DEPTT.

The Supreme Court addressed the interpretation of lease terms under Section 269UC and Section 269UA(f)(i) of the Income-tax Act, ruling that a lease with an initial term of nine years, extendable at the lessee's option for another nine years, constitutes a lease for a total of 18 years. The Court held that the provisions of Chapter XXC of the Act apply when the aggregate term exceeds 12 years, regardless of whether the terms are labeled as extensions or renewals. The appeal was dismissed, affirming the High Court's decision that the appellants were required to comply with the statutory provisions.