MADAN. B. LOKUR, J.

( 1 ) THESE are two writ petitions raising the same issue and question of law. The challenge in both the petitions is to the similar orders dated 14th March, 2006 passed by Respondent No. 2 directing the Petitioners to have special audits conducted under Section 142 (2a) of the Income Tax Act, 1961 relevant for the assessment year 2003-04.

( 2 ) WE find no merit in any of the writ petitions and, therefore, dismiss them. For convenience, the facts relevant to the WP (C) No. 9538 of 2006 of M/s sahara India Financial Corporation Ltd. are being mentioned.

( 3 ) THE Petitioner is a residuary non-banking company and is engaged in the business of deposit mobilisation. According to the Petitioner, it follows the mercantile system of accounting and maintains regular books of accounts including a cash book, bank book, journal book, general ledger, debtors ledger, creditors ledger, etc. It follows the directions issued by the Reserve Bank of india from time to time and in accordance therewith it maintains a register of deposits, and investment ledger and stock register of securities. It has its accounts audited from time to time and according to the Petitioner neither