According to section 53 of the Pakistan Penal Code, Punishment can be of two descriptions, i.e. simple or rigorous, (Urdu Translation is, Qaid -e-Mehz and Qaid-e-Ba' Mushaqqat).
So the line you have quoted means that the court has discretion to award imprisonment of either description (Either simple imprisonment or rigorous one)
The sentence, "Imprisonment of either description for a term which may extend to seven years", can be re-phrased as
The court may award either simple imprisonment or rigorous imprisonment at its discretion; maximum period of such imprisonment may be seven years.
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