Applicability of Advance Ruling [Section 245S] :

The advance ruling shall be binding only on the applicant who has sought it and in respect of the specific transaction in relation to which advance ruling was sought. It will also be binding on the Principal Commissioner or Commissioner and the Income-tax Authorities subordinate to the Principal Commissioner or Commissioner who are having jurisdiction over the applicant.

The advance ruling will continue to remain in force unless there is a change either in law or in fact on the basis of which the advance ruling was pronounced.