Advance ruling validity set to a fixed term, ending earlier on change in law or facts; transitional reckoning from assent. The substituted sub section (2) of section 28J provides that an advance ruling under sub section (1) shall remain valid for three years or until there is a change in law or facts on which the ruling was pronounced, whichever is earlier, and adds a proviso that for advance rulings in force on the date the Finance Bill, 2022 receives the President's assent, the three year period shall be reckoned from that assent date.
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Advance ruling validity set to a fixed term, ending earlier on change in law or facts; transitional reckoning from assent.
The substituted sub section (2) of section 28J provides that an advance ruling under sub section (1) shall remain valid for three years or until there is a change in law or facts on which the ruling was pronounced, whichever is earlier, and adds a proviso that for advance rulings in force on the date the Finance Bill, 2022 receives the President's assent, the three year period shall be reckoned from that assent date.
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