11 February 2015
On a literal construction of the section it appears that "profession" is not covered under the expression "eligible business". It is to be noted that the section itself speaks about excluding profession specified u/s 44AA which may lead to indirect inference that 44AD covers professions other than 44AA. The word "profession" is defined and "business" also defined. The expression used is "business or profession". If both are same there is no need for the description of "profession" separately.On a purposive construction it should include profession also. It may be noted that the Hon supreme court while interpreting "business connection" held that it includes profession also!! siva208@yahoo.com
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