1. In all these Writ Petitions, the petitioners have challenged the common order passed by the Additional Bench of the Income Tax Settlement Commission, Chennai, dated 26.04.2005, under Section 245D(1) of the Income Tax Act, 1961 (Act). Since the contentions raised by all the petitioners are identical and they are aggrieved by the common order, these Writ Petitions were heard together and are disposed of by this common order.

2. For the purpose of disposal of these Writ Petitions, the Writ Petition filed by M/s. Tharakan's Royal Jewellery in W.P. No. 21758 of 2005, is taken up as the lead case. The petitioner filed a Settlement Application under Section 245C(1) of the Act on 30.07.2004 for settlement of its case for the block period 01.04.1996 to 13.08.2002. The Settlement Application was numbered and after hearing the petitioner, the Commission passed an order under Section 245D(1) of the Act, dated 26.04.2005, rejecting the Settlement Application. Similarly, the Settlement Applications filed by the other petitioners were also rejected and challenging the same, these Writ Petitions have been filed.

3. Before I go into the contentions raised by the parties, it would be necessa