the list of service given in for the purpose of commercial transaction in section 141 is in form of example or it is conclusive list?Transaction with Business not covered here will attract disqualification?
For eg Mr.X CA entered in to transaction (of amt less than 5 lakh) with His client which is a company engaged in construction business.
Can mr X be appointed as auditor of that company?
Business Relationship = Commercial Transaction with Company and it will lead to disqualification.
Auditor can take services from company in H2AT industries + arms length price in normal course of business. This is exhaustive list. Commercial transaction if client in construction business will lead to disqualification.
Can there be any concept of personal transaction (other tham commercial transaction)?eg-the construction was for his resi house or for office…
If yes how to identify such situation in practical question ?
In Context of Business Relationship
Transactions can be of 2 types
Personal — For Own Use
Commercial — For use in Business, to Further earn Money.
So intent, is important, from that we can understand, personal vs commercial transaction.