The petitioner has challenged the order dated 23.11.2016 (Annexure-A), passed by the Assistant Commissioner of Income Tax, whereby the learned Assistant Commissioner has refused to stay the collection of demand for the Assessment Year 2014-15, and has directed the petitioner to deposit 15% of the disputed demand, amounting to Rs.3,37,11,514/- by 5.12.2016. The petitioner has also challenged another order, also dated 23.11.2016 (Annexure-B), whereby again the learned Assistant Commissioner has refused to stay the collection of demand for the Assessment Year 2015-16, and has directed the petitioner to deposit 15% of the disputed demand, amounting to Rs.22,92,02,561/- by 5.12.2016. Lastly, the petitioner has challenged the order dated 25.1.2016, whereby the Prl. Commissioner of Income Tax (‘Prl. CIT’ for short), has confirmed the order dated 23.11.2016, passed by the Assistant Commissioner, and has directed the petitioner to deposit 15% of the total disputed demand amount within one month from the date of receipt of the order.

2. Briefly the facts of the case are that the petitioner is a Private Limited Company, incorporated under the Companies Act, 1956. The petitioner entered