(1.) As the common question of law is involved in both the cases, though they have been heard on two different dates, they are being disposed of by this common judgment. In both the cases the petitioners have challenged the order taking cognizance under Section 276C and 277 of the Income-Tax Act, 1961 (hereinafter referred to as the Act) passed by the Presiding Officer, Special Court of Economic Offences Bihar, Muzaffarpur on 6-3 1992 and 28-2-1992 respectively.
(2.) The only question that has to be determined in this case is as to whether the prosecution for the aforesaid offences should be quashed or at least be stayed during the pendency of the application filed for settlement of cases before the Settlement Com mission constituted under the provision of Section 245B falling under Chapter XIXA of the Act.
(3.) The matrix of the fact has to be stated first for appreciating the point involved in both the cases.