Failure to maintain statutory books: fixed penalty may be imposed for non-retention under income tax law by tax authorities. A fixed monetary penalty may be directed against any person who fails to keep, maintain or retain books of account and other documents as required by the ... Summary
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Failure to maintain statutory books: fixed penalty may be imposed for non-retention under income tax law by tax authorities.
A fixed monetary penalty may be directed against any person who fails to keep, maintain or retain books of account and other documents as required by the statutory record-keeping rules, and that power may be exercised by the Assessing Officer and the designated appellate officers, operating without prejudice to other penalty provisions.
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