Quick Summary
Vide Finance Act, 2021, amendments were made to the provisions of Chapter XIX-B of the Act dealing with Advance Rulings. The Finance Act, 2021 provided that the Authority for Advance Rulings shall cease to operate with effect from such date, as may be notified by the Central Government in the Official Gazette. Later, the Central Government, vide Notification S.O. 3562(E), dated 01.09.2021, notified September 01, 2021 as the date with effect from which the Authority for Advance Rulings (AAR) shal
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FAQ :
The government proposes to amend Section 245Q to allow applicants to withdraw applications transferred from the former Authority for Advance Rulings (AAR) to the Board for Advance Rulings (BAR) under specific conditions.
Applicants whose applications were filed with the erstwhile AAR and subsequently transferred to the BAR, and for whom no order under sub-section (2) of section 245R has been passed, can potentially benefit.
Applicants will be able to apply for withdrawal of their transferred applications until 31st October 2024.
The Board for Advance Rulings may reject the application as withdrawn by an order on or before 31st December 2024.
These amendments are proposed to take effect from 1st October 2024.
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