Section 245S:
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.
Notes:
1. Subs. by Act 25 of 2014, s. 4, for “Commissioner” (w.e.f. 1-6-2013)