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of <h1>Advance Ruling Under Income Tax Act Binding Only on Applicant for Specific Transaction Unless Law or Facts Change</h1> An advance ruling issued by the designated Authority under the Income Tax Act is binding solely on the applicant who requested it, concerning the specific transaction for which the ruling was sought. It binds the Principal Commissioner or Commissioner and subordinate income-tax authorities in relation to that applicant and transaction. This binding effect persists unless there is a change in the law or facts underlying the ruling. The provisions governing the applicability of advance rulings do not apply to any ruling pronounced on or after a date specified by the Central Government through official notification.
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