DR. S. RADHAKRISHNAN, J. :- Heard. Rule. Rule is made returnable forthwith. By consent of parties, petition is taken up for final hearing. The petitioner is a Company engaged in the business of banking and related financial activities including leasing. The petitioner was earlier known as Centurion Bank Limited. The petitioner is also the successor-in-interest of two companies named 20th Century Capital Corporation Limited and 20th Century Finance Corporation Limited who have merged with the petitioner. As of date the petitioner which was formerly known as Centurion Bank Limited is today known as Centurion Bank of Punjab Limited.

2. By this petition, the petitioner is challenging the order dated 27-12-2005 passed by the Income Tax Settlement Commission under section 245D(l) of the Income Tax Act, 1961 (hereinafter referred as "the said Act") whereby the Settlement Commission has taken a view that the settlement applications filed by the petitioner in respect of its own assessments and the assessments of the two merging companies are not fit for admission on the ground that the case does not involve complexity and that there was no full and true disclosure by the petitioner