(1)The advance ruling pronounced by the Authority under section 28-I shall be binding only—
(a)on the applicant who had sought it;
(b)in respect of any matter referred to in sub-section (2) of section 28H;
(c)on the 1[Principal Commissioner of Customs or Commissioner of Customs], and the customs authorities subordinate to him, in respect of the applicant.
(2)The advance ruling referred to in sub-section (1) shall be binding as aforesaid unless there is a change in law or facts on the basis of which the advance ruling has been pronounced.