Applicability of Advance Ruling
254. (1) The Advance Ruling pronounced by the Authority under section 252 shall be binding only -
(a) on the applicant in whose case the Advance Ruling has been pronounced;
(b) in respect of the transaction in relation to which the Advance Ruling has been pronounced; and
(c) on the Commissioner, and the income-tax authorities subordinate to him, in respect of the applicant and the said transaction.
(2) However, the Advance Ruling referred to in sub-section (1) shall not be binding, if there is a change in law, or fact, on the basis of which the Advance Ruling has been pronounced.
