Time limit for keeping the records

[MOHAMED YACOOB SHARIFF]

Dear Experts in one of the case AO insisting for the proof of building improvement made during the year 1994-95, is it correct? 

Because asseeee could not trace the same as it was incurred 20 years ago.

Regards

Mohamed Yacoob Shariff 

[CAGOPALJI AGRAWAL]

Under the Income tax provisions, the books of accounts are required to maintained for the period of 6 years from the end of relevant assessment years. The improvement in building can also be proved by other evidences.

AI Summary

Record retention obligations require books be maintained for six years; alternative evidence may prove historic building improvements.
An assessing officer sought proof of a building improvement from assessment year 1994-95; under income tax rules, books of accounts must be maintained for six years from the end of the relevant assessment year, and where such records are not traceable the improvement can be proved by other evidence.