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The Court in [2022] 20 ITR-OL 488 (Bom) held that the celing of 1 cr and 50 lacs for business and profession are to be read as mutually exclusive in the absence of any clause under section 44AB that envisages a situation where the assessee is carrying on both profession as well as business. In this case assessee earned remuneration from the partnership besides receipts from acting profession. 


This decision is likely to bring an amendment in section 44 AB sooner or later to rope in such cases under compulsory audit clause. 

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