The advance ruling pronounced by the Authority for Advance Ruling as per section 245 is binding : (1) In respect of transaction for which ruling has been sought (2) On income-tax authorities (3) On the applicant (4) On a

CS Executive · Tax Laws and Practice · PYQS · December 2015
The advance ruling pronounced by the Authority for Advance Ruling as per section 245 is binding : (1) In respect of transaction for which ruling has been sought (2) On income-tax authorities (3) On the applicant (4) On all other persons having similar transaction. Select the correct answer from the options given below
(A) (1), (2) and (3)
(B) (1) and (3)
(C) (2) and (3)
(D) (1), (2), (3) and (4).

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A). Official source note: 'Section 245' mentioned in the question be read as 'Section 245S'.

Topics: Income Tax Act, 1961

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