Acts

441. Failure to keep, maintain or retain books of account, documents

CHAPTER XXI

PENALTIES

Failure to keep, maintain or retain books of account, documents

441.A penalty of Rs25000maybe imposed on a person by the Assessing Officer or the Joint Commissioner (Appeals)or the Commissioner (Appeals), if he fails to—

(a)keep and maintain the books of account and other documents as per section 62or the rulesmade thereunder, in respect of any tax year; or

(b) retain such books of account and other documents for the period specified in the said rules.

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