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of <h1>Penalty of ₹25,000 for failing to maintain books of account under Income Tax Act provisions</h1> If a person fails to keep, maintain, or retain books of account and other documents as required by law for any previous year, the assessing officer or appellate authorities may impose a penalty of twenty-five thousand rupees. This penalty applies regardless of other provisions related to penalties under the Income Tax Act. The requirement to maintain such records is mandated under specific sections and rules, and failure to comply attracts a fixed monetary penalty without consideration of reasonable cause. The provision aims to ensure proper record-keeping for tax assessment and compliance purposes.
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