Advance ruling binding scope limits applicability to applicant and transaction; exception for change in law or fact. Advance rulings are binding only on the applicant to whom the ruling was issued, in respect of the specific transaction covered, and on the Commissioner ... Summary
Advance ruling binding scope limits applicability to applicant and transaction; exception for change in law or fact.
Advance rulings are binding only on the applicant to whom the ruling was issued, in respect of the specific transaction covered, and on the Commissioner and subordinate income-tax authorities concerning that applicant and transaction. The binding effect is removed if there is a change in the law or in the facts that formed the basis of the ruling.
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