M.R. Shah, J.

By way of this petition under Article 226 of the Constitution of India, the petitioners have prayed for an appropriate writ, direction and order to hold that the computation of capital gain made by the respondent no.1 - Income Tax Settlement Commission (hereinafter referred to as the "Settlement Commission") in its order under Section 245D(4) of the Income Tax Act by enhancing the sale consideration as well as reducing the cost of acquisition/market value as at 1st April 1981 for the transfer of land be quashed and be substituted by the figure submitted by the petitioners in its application u/s 245C(1) and computation of capital gains may be directed to be revised accordingly.

2. The facts leading to the present Special Civil Application in nutshell are as under:

2.1. That the petitioners herein - original applicants belonged to one "Khodaji Group", Ahmedabad. All of them have filed the Settlement Application under Section 245C(1) of the Income Tax Act, 1961 (hereinafter referred to as the "Act") before the Settlement Commission on 02.02.2015, offering the additional income for the various assessment years, as under:-

Sr. No.	Name of the applicant	Assessment years for which applications for Settlement have been filed	Total additional income offered
1	Khodaji M Thakor	2007-08 to 2013-14	2,74,50,000/-
2	Shakriben Thakor	2007-08 to 2013-14	2,57,00,000/-
3	Gajraben Thakor	2007-08 to 2013-14	2,57,00,000/-
4	Hiraben Chauhan	2007-08 to 2013-14	2,57,00,000/-
5	Bhanuben Rathod	2007-08 to 2013-14	2,57,00,000/-
Total			13,02,50,000/-

2.2. It was stated in the Statement of Facts (hereinafter referred to as "SOF") as under:

(I) That search and seizer action was carried out by the Income Tax Department in the cases of all the five applicants on 03.01.2013. During the course of the search, cash amounting to Rs. 50,69,150/- was found in possession of the above five applicants, out of which, case amounting to Rs. 44,00,000/- was seized by the Department in the cases of Shri Khodaji M Thakor, Smt. Shakriben Tahkor and Smt. Gajraben Thakor. The details of the cash found and seized from the various premises is as below:-

Sr. No.	Name of the person	Premises from where cash found	Cash Found (Rs.)	Cash Seized (Rs.)
1	Khodaji M. Thakor	Pagi Vas, Vejalpur, Ahmedabad	28,81,530/-	25,00,000/-
2	Shakriben S. Thakor & Shankarlal Thakor	Nano Rabari Vas, B/h Divani Court, Dholka	16,50,500/-	15,00,000/-
3	Gajraben B. Thakor	Nano Rabari Vas, B/h Divani Court, Dholka	4,91,000/-	4,00,000/-
4	Hiraben M. Chauhan	Matrukrupa, Thakorvas, Kathvada, Tal & Dist. Kheda	3000/-
5	Bhanuben N Rathod	B-7, Chandlodiya Railway Quarters, Chandlodiya, Ahmedabad	43120/-
Total			50,69,150/-	44,00,000/-

Further, during the course of the search, goods and other valuable articles worth Rs. 53,86,520/- were also found in the various premises of these applicants, out of which 500 Gms of Gold articles, worth Rs. 15,62,500/- were seized from the premises of Smt. Shakriben S Thakor. The relevant details in this regard have been mentioned at page 12 of the settlement application in the case of Shri Khodaji M Thakor.

(II) During the course of search proceedings, the settlements of the applicants and their family members were recorded u/s 132(4) of the I.T. Act. In the SOR the details of such statements taken are given as below:-

Sr. No.	Name of the person	Section under which statement is recorded	Date	Exhibit No. in the SOF
1	Shri Khodaji Mafatji Thakor	132(4)	03.01.2013	1 9
2	Shri Bhanuben Natvarbhai Rathod	132(4)	03.01.2013	2 0
3	Smt. Gajr