Profession or business? under 44ab?

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Vijayalakshmi (Querist)
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17 September 2014 Scenario X Y and Z are doctors who formed partnership to run a hospital.. Under section 44 AB, the said partnership should get its accounts audited under 44AB as a profession or business I mean to ask which monetary limit under 44 AB is applicable? And if that is audited as profession. what if hospital is owned by other than Doctors ? Hoping for replies in analysis with sections and case laws applicable for the same.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 September 2014 in both cases it should be considered as a business. please refer halini Hospitals vs Asstt. 2007 108 ITD 534 Hyd, (2007) 110 TTJ Hyd 690

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