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Income-Tax Act - Section No. 245N
September, 07th 2010

17[CHAPTER XIX-B

ADVANCE RULINGS

Definitions.

245N. In this Chapter, unless the context otherwise requires,

18[(a) advance ruling means

(i) a determination by the Authority in relation to a transaction which has been undertaken or is proposed to be undertaken by a non-resident applicant; or

(ii) a determination by the Authority in relation to 19[the tax liability of a non-resident arising out of] a transaction which has been undertaken or is proposed to be undertaken by a resident applicant with 20[such] non-resident,

and such determination shall include the determination of any question of law or of fact specified in the application;

(iii) a determination or decision by the Authority in respect of an issue relating to computation of total income which is pending before any income-tax authority or the Appellate Tribunal and such determination or decision shall include the determination or decision of any question of law or of fact relating to such computation of total income specified in the application :

21[Provided that where an advance ruling has been pronounced, before the date on which the Finance Act, 2003 receives the assent of the President, by the Authority in respect of an application by a resident applicant referred to in sub-clause (ii) of this clause as it stood immediately before such date, such ruling shall be binding on the persons specified in section 245S;]

(b) applicant means any person who

(i) is a non-resident referred to in sub-clause (i) of clause (a); or

(ii) is a resident referred to in sub-clause (ii) of clause (a); or

(iii) is a resident falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette 22, specify in this behalf; and

(iv) makes an application under sub-section (1) of section 245Q;]

(c) application 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.

 
 
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