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of <h1>Rule 51A Clarifies 'Business Relationship' Under Section 288(2) of Income Tax Act for Auditors' Transactions</h1> Rule 51A of the Income-tax Rules, 1962, defines 'business relationship' for the purposes of section 288(2) of the Income Tax Act. It includes any commercial transaction except those involving professional services allowed for auditors under relevant laws, or transactions conducted at arm's length in the ordinary course of business, such as sales to auditors by companies in sectors like telecommunications, airlines, hospitals, and hotels. This rule was inserted by Notification 50/2015, dated June 24, 2015.
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