Advance ruling procedure clarified: admission, hearing, referral, issuance with prospective effect and requirement to notify parties.

The Authority shall forward received applications to prescribed officers, may call for and must return records, and after examining materials and hearing applicant and prescribed officers may admit or reject an application; admission is barred where the question is pending or decided in related proceedings and rejection requires hearing and reasons. If admitted, the Authority may collect further material, hear authorized representatives and the jurisdictional tax officer, pronounce a written advance ruling, refer differing member questions to the Appellate Authority, and send certified copies to the applicant and officers; rulings have prospective effect.

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