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TMI Blog2014 (10) TMI 549X X X X Extracts X X X X X X X X Extracts X X X X ..... n recorded either by the Tribunal or by the High Court – the matter needs re-consideration for the determination of facts – thus, the matter is to be remitted back to the Tribunal for fresh hearing – Decided in favour of assessee. - Civil Appeal Nos. 1930 of 2007, 1934 of 2007, 1936 of 200, 5406 of 2011, 5411 of 2011, 5485 of 2011 - - - Dated:- 24-9-2014 - R. M. Lodha, CJI, Kurian Joseph And Rohinton Fali Nariman,JJ. For the Petitioner : Mr. Rashmikumar Manilal Vithlani, Adv. For the Respondent : Mr. Rajiv Dutta, Sr. Adv. Mr. Rahul Kaushik, Adv. Mr. Vikas Malhotra, Adv. Ms. Niranjana Singh, Adv. Mr. Anil Gaur, Adv. Ms. Gargi Khanna, Adv. For Mr. B. V. Balaram Das, Adv. ORDER One of the questions for consideration befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urniture, fittings or other things, such machinery, plant, furniture, fittings or other things also. Explanation. - For the purposes of this sub-clause, land, building, part of a building, machinery, plant, furniture, fittings and other things include any rights therein ; (ii) any rights in or with respect to any land or any building or a part of a building (whether or not including any machinery, plant, furniture, fittings or other things therein) which has been constructed or which is to be constructed, accruing or arising from any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement of whatever ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion to the immovable property referred to in sub-clause (i) of clause (d). The explanation appended to sub-clause (i) of Section 269UA (f) clarifies that a lease which provide for the extension of term by a further term or terms shall be deemed to be a lease if the aggregate of the term for which such lease is to be granted and the further term or terms is not less than twelve years. The essential condition, therefore, for a transfer of an immovable property referred to in clause (d)(i) of Section 269UA is that lease must be for a term of not less than twelve years. For computing twelve years, it is not necessary that initial term of lease must be less of twelve years, but if the lease provides for extension of lease and such lease has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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