Applicability of advance ruling.
245S. (1) The advance
ruling pronounced by the Authority 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.