2001 (7) TMI 5 - SC - Income Tax

Whether, authority for advance ruling have jurisdiction to decide the question in view of the fact that assessment proceedings in respect of the appellant relating to the assessment year 1996-97 were pending when the application before the Authority was filed, and attention was drawn to section 245R of the Act - Held, yes - Issue regarding the rate of tax payable by the appellant for the A.Y. 1996-97 and subsequent assessment years shall be raised by the appellant before the authorities

Summary

The Supreme Court allowed the appeals by special leave, setting aside the judgment and order of the Authority for Advance Rulings. The appellant can now raise the issue of the tax rate independently before the authorities, Tribunal, and courts. The application before the Authority was dismissed as withdrawn. No costs were ordered.