AAR held that , The very purpose of setting up the Authority for Advance Rulings is to give a ruling in advance to remove uncertainty in the mind of an applicant and eliminate the possibility of dispute regarding the tax issues surrounding a proposed or intended transaction, even before the transaction or a dispute occurs. When the provisions of S.245N(a)(i)\u00a0of the\u00a0Income tax Act, 1961\u00a0are read with S.\u00a0245S(1)\u00a0it becomes clear that not only a \u201ctransaction\u201d but also a \u201cproposed transaction\u201d on which ruling has been sought would get covered.Maintainability of application cannot be raised at the time of hearing of application .Duty of the Authority to look in to all aspects of questions posed for its consideration , proceedings on the presumption that one part of agreement has no bearing on other is held to be not tenable .<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 245N : Advance ruling \u2013 Transaction includes also proposed transaction -Maintainability of application cannot be raised at the time of hearing of application \u2013 Duty of the Authority to look in to all aspects of questions posed for its consideration , proceedings on the presumption that one part of agreement has no bearing on other is held to be not tenable [S. 245S(1), 245R ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1710","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-rA","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=1710"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1710\/revisions"}],"predecessor-version":[{"id":2614,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1710\/revisions\/2614"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=1710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=1710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=1710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}