Answer the following questions in the context of provisions contained under the Income-Tax Act, 1961 by taking each an independent case of Advance Ruling: Applicability of advance ruling and to whom the same is binding.

The advance ruling pronounced by the Authority for Advance Ruling (AAR) under Section 245R shall be binding only: (a) On the applicant who had sought it; (b) In respect of the transactions 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.