19/03/2022
S. 44AB : Audit of accounts-Business-Profession–Remuneration received from Partnership Firm-Firm is separate legal entity- Remuneration and interest from partnership firm-Not to be included in gross receipt or turnover-Presumptive basis-No tax Audit is required, if remuneration does not exceeds threshold limit for Tax Audit- Return cannot be treated as invalid for failure to get Tax Audit report. [S. 2(13), 2(31)(iv), 2(36), 44AD, 139(9), 264, 271B, Art. 226]
Perizad Zorabian Irani v. PCIT (Bombay High Court)
