Income Tax Advance Ruling -100 crore club
BY the Finance Act, 2014 & with effect from 01.10.2014, sub-clause (iia) was inserted in clause (b) of section 245N [Definitions] of the Income Tax Act, 1961 [Chapter XIX-B pertaining to Advance Rulings] and it reads -
(b) "applicant" means any person who -
(iia) is a resident referred to in sub-clause (iia) of clause (a) falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify; or
The Central Government has utilized these powers and has specified a resident, in relation to his tax liability arising out of one or more transactions valuing rupees one hundred crore or more in total which has been undertaken or proposed to be undertaken, being such class of persons, as applicant for the purposes of Chapter XIX B of the said Act.