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TMI BlogInsertion of new chapter XIX-BX X X X Extracts X X X X X X X X Extracts X X X X ..... on" means an application made to the Authority under sub-section (1) of section 245Q; (d) "Authority" means the Authority for Advance Rulings constituted under section 245-O; (e) "Chairman" means the Chairman of the Authority; (f) "Member" means a Member of the Authority and includes the Chairman. 245-O. Authority for Advance Rulings. - (1) The Central Government shall constitute an Authority for giving advance rulings, to be known as "Authority for Advance Rulings". (2) The Authority shall consist of the following Members appointed by the Central Government, namely :- (a) a Chairman, who is a retired Judge of the Supreme Court; (b) an officer of the Indian Revenue Service who is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry, call upon him to furnish the relevant records : Provided that where any records have been called for by the Authority in any case, such records shall, as soon as possible, be returned to the Commissioner. (2) The Authority may, after examining the application and the records called for, by order, either allow or reject the application : Provided that the Authority shall not allow the application where the question raised in the application, - (a) is already pending in the applicant's case before any income-tax authority, the Appellate Tribunal or any court; (b) involves determination of fair market value of any property; (c) relates to a transaction which is designed prima facie for the avoidance of income-tax : Provid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority under section 245R shall be binding only - (a) on the applicant who had sought it; (b) in respect of the transaction in relation to which the ruling had been sought; and (c) on the Commissioner, and the income-tax authorities subordinate to him, in respect of the applicant and the said transaction. (2) The advance ruling referred to in sub-section (1) shall be binding as aforesaid unless there is a change in law or facts on the basis of which the advance ruling has been pronounced. 245T. Advance ruling to be void in certain circumstances. - (1) Where the Authority finds, on a representation made to it by the Commissioner or otherwise, that an advance ruling pronounced by it under sub-section (6) of section 245R has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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