SONIA GOKANI, J.

1. Facts are common in both the petitions. Therefore both the petitions are heard together and are being disposed of by this common judgment. For the purpose of this judgment, we may notice the facts as arising in Special Civil Application No.14422/2008.

2. Challenge in this petition preferred under Article 226 is made to the issuance of order under section 179 of the Income Tax Act (“the Act” hereinafter) dated 11.1.2005 as also to order passed under section 264 of the Act dated 19.3.2008.

3. The factual background necessary for adjudication is as follows :

3.1. The petitioner was a promoter/director of a public limited company named Lanzorate Finance (India) Limited which was originally incorporated as Ravit Vinimay Limited with Registrar of Companies on 19.8.1992 and obtained the certificate of commencement of business as on 17.9.1992. The company was engaged in the business of secondary market operations and project consultancy and, thereafter, started its activity of equipment leasing. The company came out with its public issue of equity shares on 18.6.1996. It is averred that the prospectus of the company provides details of the company. The petitioner re