Applicability of advance ruling.245S.
(1) The advance ruling pronounced by the Authority under section 245R
shall be binding only— (a
) on the applicant who had sought it; (b
) in respect of the transaction in relation to which the ruling had been sought; and (c
) on the Principal Commissioner
or Commissioner, and the income-tax authorities subordinate to him, in respect of the applicant and the said transaction.(2) The advance ruling referred to in sub-section (1) shall be binding as aforesaid unless there is a change in law or facts on the basis of which the advance ruling has been pronounced.