Explain the followings with reference to the provisions of Advance Ruling u/s 245 of the Income Tax Act, 1961: (b) Sumit a non-resident is willing to file an application for advance ruling regarding determination of fair
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2021
Explain the followings with reference to the provisions of Advance Ruling u/s 245 of the Income Tax Act, 1961: (b) Sumit a non-resident is willing to file an application for advance ruling regarding determination of fair market value of a property situated at Mumbai, can he do so?
Answer & Explanation:
Mr. Sumit cannot file an application before the Advance Ruling Authority as under section 245R(2)(ii) of the Income Tax Act, an application cannot be filed for where the question involves determination of fair market value of any property.
Topics: Income Tax
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