(2)The Authority may, after examining the application and the records called for, by order, either allow or reject the application :Provided that the Authority shall not allow the application where the question raised in the application,—(i)is already pending before any income-tax authority or Appellate Tribunal [except in the case of a resident applicant falling in sub-clause (iii) of clause (b) of section 245N] or any court;(ii)involves determination of fair market value of any property;(iii)relates to a transaction or issue which is designed prima facie for the avoidance of income-tax [except in the case of a resident applicant falling in sub-clause (iii) of clause (b) of section 245N or in the case of an applicant falling in sub-clause (iiia) of clause (b) of section 245N:]Provided further that no application shall be rejected under this sub-section unless an opportunity has been given to the applicant of being heard:Provided also that where the application is rejected, reasons for such rejection shall be given in the order.
