Explain the followings with reference to the provisions of Advance Ruling u/s 245 of the Income Tax Act, 1961: (c) Narayan a resident assessee claims that the advanced ruling sought by his sister in respect of a similar
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: (c) Narayan a resident assessee claims that the advanced ruling sought by his sister in respect of a similar transaction undertaken by her is also applicable to him, is he right?
Answer & Explanation:
The claim of Mr. Narayan, a resident assessee, that advanced ruling sought by his sister in respect of a similar transaction undertaken by her is also applicable to him, is not right, as advance ruling is binding only in the case of applicant only.
Topics: Income Tax
Related Questions in this Topic
- Explain the provisions relating to presumptive taxation scheme for assesses engaged in eligible professionals u/s 44 ADA...
- Explain the followings with reference to the provisions of Advance Ruling u/s 245 of the Income Tax Act, 1961: (d) Kaka ...
- Explain the followings with reference to the provisions of Advance Ruling u/s 245 of the Income Tax Act, 1961: (b) Sumit...
- Explain the followings with reference to the provisions of Advance Ruling u/s 245 of the Income Tax Act, 1961: (a) Kiran...
- The following incomes are derived by Pranshul an individual for the financial year ended 31st March, 2021: Particula...