[55. Advance Ruling.— (1) The applicant may make an application to the Commissioner for Advance Ruling on the questions prescribed.
(2) The applicant desirous of obtaining Advance Ruling under this section may make an application to the Commissioner in prescribed form and manner, stating any question prescribed under sub-section (1) on which the Advance Ruling is sought.
(3) The Commissioner shall constitute the Advance Ruling Authority, comprising three officials, not below the rank of Joint Commissioner by notification in the Official Gazette, for giving Advance Rulings. He may allot any of the questions or, as the case may be, all the questions prescribed under sub-section (1) to such Advance Ruling Authority. (4) The Commissioner may also allot any application or question in such application made under section 56 and pending on the date of effect of this amendment or, as the case may be, any class of applications, to such Advance Ruling Authority. (5) The Commissioner or, as the case may be, the Advance Ruling Authority shall, subject to rules, make Advance Ruling, within ninety days from the date of acceptance of the application by the Commissioner or, as the case may be, the Advance Ruling Authority. (6) The applicant may withdraw his application within thirty days from the date of submission of the application. (7) (a) No application shall be accepted where the question raised in the application,- (i) is already pending before the Tribunal, Bombay High Court or, as the case may be, the Supreme Court in respect of the applicant, or (ii) relates to a transaction or issue which is designed apparently for the avoidance of tax. (b) The Commissioner or, as the case may be, the Advance Ruling Authority, may call for a