245S. (1) The advance ruling pronounced by the Authority under section 245R shall be binding onlyâ
(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 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.
[Updated up to Finance Act 2017]