(1) In accordance with sub-section (1) of section 33 of the Act, one or more persons in writing to clarify the distribution, allocation or destruction of the amount to be included or deducted while calculating the income of a person on the basis of normal market value (arms length) Upon request, the department may issue a written notification as follows:-
(a) the period of written notice not exceeding five income years at a time,
(b) Notwithstanding anything contained in clause (a), such written notice may be renewed.
(2) The written notice as per sub-rule (1) shall be binding on the department and the requesting party. However, if the department agrees to the request made by the concerned applicant, the written notice will be null and void.