Section 121 : Applicability of Advance Ruling – Advance Ruling

Published by Team@HostBooks at Last Updated on August 8th, 2018 at 2:44 pm Published on June 10, 2017

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121. Applicability of Advance Ruling

(1) The advance ruling pronounced by the Authority or, as the case may be, the Appellate Authority under this chapter shall be binding only –
(a) on the applicant who had sought it in respect of any matter referred to in subsection (2) of section 116 of the application for advance ruling;
(b) on the jurisdictional tax authorities in respect of the applicant.

(2) The advance ruling referred to in sub-section (1) shall be binding as aforesaid unless the law, facts or circumstances supporting the original advance ruling have changed.

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Team@HostBooks

Arpita Bora is leading the content writing team at HostBooks Limited. She has pursued her Masters in Commerce. With over 4.5 years of experience in technical and creative writing, she specializes in both long and short-form digital content.