Binding effect of advance rulings limits application to applicant, specified transaction and tax authorities unless law or facts change. Advance rulings bind only the applicant, the transaction for which the ruling was sought, and the Commissioner and subordinate income-tax authorities in respect of that applicant and transaction; this binding effect endures unless there is a change in law or facts underlying the ruling, and the section's applicability may be excluded for rulings pronounced on or after dates notified by the Central Government.