JUDGMENT :

1. Heard learned Advocate Mr.Manish J. Shah appearing with learned Advocate Mr.Premal Joshi for the applicants, learned Advocate Mr.Nikunt Raval appearing with learned Advocate Mrs.Kalpana Raval for respondent Department and learned APP Ms.M.D. Mehta for the respondent State in all the four applications.

2. Since facts and law involved in the all the four applications are common and similar in nature, they are disposed of by this common judgement. For the sake of convenience, Criminal Misc. Application No.3438 of 2004 is taken as the lead matter for deciding the issues involved.

3. Facts :-

3.1. The premises of the applicant No.1 – a Public Limited Company and its Directors (other applicants) were raided on 1.12.1995 and search was carried out by the respondent Income Tax Department under Section 132 of the Income Tax Act and the search was concluded on 5.1.1996. It appears that pursuant to a Notice under Section 158BC of the Income Tax Act, the applicant had filed return for the Block Period 1.4.1985 to 5.1.1996, declaring undisclosed income of Rs.20,31,055/- on 26.2.1996. The Assessing Officer vide an order dated 31.1.1997, determined the undisclosed income at Rs.62,61,623