17[CHAPTER XIX-B
ADVANCE RULINGS
Definitions.
245N. In this Chapter,
unless the context otherwise requires,
18[(a) advance
ruling means
(i) a determination by the Authority in relation to a
transaction which has been undertaken or is proposed to be undertaken by a
non-resident applicant; or
(ii) a determination by
the Authority in relation to 19[the tax liability of a
non-resident arising out of] a transaction which has been undertaken or is
proposed to be undertaken by a resident applicant with 20[such] non-resident,
and such determination shall include the determination of
any question of law or of fact specified in the application;
(iii) a determination or decision by the
Authority in respect of an issue relating to computation of total income which
is pending before any income-tax authority or the Appellate Tribunal and such
determination or decision shall include the determination or decision of any
question of law or of fact relating to such computation 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 of the President, by the Authority in
respect of an application by a resident applicant referred to in sub-clause (ii) of this clause as it stood immediately
before such date, such ruling shall be binding on the persons 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 persons as the Central Government may, by notification in the
Official Gazette 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 sub-section (1) of section 245Q;
(d) Authority means the Authority for Advance
Rulings constituted under section 245-O;
(e) Chairman means the Chairman of the
Authority;
(f) Member means a Member of the Authority and
includes the Chairman.
