https://www.taxtmi.com/caselaws?id=76979 An advance ruling rendered in an assessee's own case binds the Revenue, the Commissioner and subordinate tax authorities only for the transaction for which it was sought, and it can be displaced only through the statutory mechanism or on a change in law or facts. A later ruling in another matter cannot override that binding effect. Where the Assessing Officer has followed the applicable advance ruling, the order cannot be treated as erroneous or prejudicial to the Revenue merely because the Commissioner prefers a different view. Revisional action under section 263 on that basis is therefore without jurisdiction and cannot be sustained. en-us Thu, 29 Apr 2010 00:00:00 +0530 Fri, 05 Jul 2013 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76979 An advance ruling rendered in an assessee's own case binds the Revenue, the Commissioner and subordinate tax authorities only for the transaction for which it was sought, and it can be displaced only through the statutory mechanism or on a change in law or facts. A later ruling in another matter cannot override that binding effect. Where the Assessing Officer has followed the applicable advance ruling, the order cannot be treated as erroneous or prejudicial to the Revenue merely because the Commissioner prefers a different view. Revisional action under section 263 on that basis is therefore without jurisdiction and cannot be sustained. Case-Laws Income Tax Thu, 29 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76979