India - Income Tax Act 2010 - Saarc

S. 245N I.T. ACT, 1961 1.844Definitions.17[CHAPTER XIX-BADVANCE RULINGS245N. In this Chapter, unless the context otherwise requires,—18[(a) “advance ruling” means—(i) a determination by the Authority in relation to a transactionwhich has been undertaken or is proposed to be undertaken bya non-resident applicant; or(ii) a determination by the Authority in relation to 19 [the tax liabilityof a non-resident arising out of] a transaction which has beenundertaken or is proposed to be undertaken by a resident applicantwith 20 [such] non-resident,and such determination shall include the determination of anyquestion of law or of fact specified in the application;(iii) a determination or decision by the Authority in respect of an issuerelating to computation of total income which is pending beforeany income-tax authority or the Appellate Tribunal and suchdetermination or decision shall include the determination ordecision of any question of law or of fact relating to suchcomputation of total income specified in the application :21[Provided that where an advance ruling has been pronounced,before the date on which the Finance Act, 2003 receives the assent ofthe President, by the Authority in respect of an application by aresident applicant referred to in sub-clause (ii) of this clause as it stoodimmediately before such date, such ruling shall be binding on thepersons specified in section 245S;](b) “applicant” means any person who—(i) is a non-resident referred to in sub-clause (i) of clause (a); or(ii) is a resident referred to in sub-clause (ii) of clause (a); or(iii) is a resident falling within any such class or category of personsas the Central Government may, by notification in the OfficialGazette 22 , specify in this behalf; and(iv) makes an application under sub-section (1) of section 245Q;](c) “application” means an application made to the Authority under subsection(1) of section 245Q;17. Chapter XIX-B, consisting of sections 245N to 245V, inserted by the Finance Act, 1993,w.e.f. 1-6-1993.18. Clauses (a) and (b) substituted by the Finance Act, 2000, w.e.f. 1-6-2000. Prior to theirsubstitution, clauses (a) and (b) were inserted by the Finance Act, 1993, w.e.f. 1-6-1993 andlater on substituted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998.19. Inserted by the Finance Act, 2003, w.r.e.f. 1-6-2000.20. Substituted for “a”, ibid.21. Inserted, ibid., w.e.f. 14-5-2003.22. For notified class or category of persons, see Taxmann’s Master Guide to Income-tax Act.