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of The HC held that the petitioner, having deposited over 20% of the disputed tax demand, is entitled to a stay of recovery proceedings related to AY 2016-17. The Court found the respondent's adjustment of the petitioner's refund for AY 2024-25 against the earlier demand arbitrary, especially as rectification and appeal processes remain pending. The HC directed the first respondent to dispose of the petitioner's refund application and rectification petition within four weeks, refunding Rs. 3 crores with interest. Recovery proceedings are to be deferred until the disposal of pending appeals before the CIT (A). The writ petition was disposed of accordingly, upholding the petitioner's entitlement to stay and refund.
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