245S Income Tax Act - Applicability of advance ruling

Section 245S of Income Tax Act 1961 - Applicability of advance ruling

(1) The advance ruling pronounced by the Authority under section 245R shall be binding only-

(a) on the applicant who had sought it;

(b) in respect of the transaction in relation to which the ruling had been sought; and

(c) on the 1 Principal Commissioner or Commissioner, and the income-tax authorities subordinate to him, in respect of the applicant and the said transaction.

(2) The advance ruling referred to in sub-section (1) shall be binding as aforesaid unless there is a change in law or facts on the basis of which the advance ruling has been pronounced.

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1. Subs. by Act 25 of 2014, s. 4, for "Commissioner" (w.e.f. 1-6-2013