https://www.taxtmi.com/caselaws?id=354556 Bank account entries, a cash flow statement and a revised computation of income do not satisfy the statutory duty to maintain books of account under section 44AA of the Income-tax Act, 1961. Where the assessee's turnover exceeded the relevant threshold and business activity was reflected in the bank transactions, the obligation to keep prescribed books remained unchanged; such records could assist assessment but could not replace books of account. In the absence of a bona fide explanation for non-maintenance, the default under section 44AA was established and penalty under section 271A was sustained. en-us Mon, 11 Dec 2017 00:00:00 +0530 Wed, 31 Jan 2018 09:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354556 Bank account entries, a cash flow statement and a revised computation of income do not satisfy the statutory duty to maintain books of account under section 44AA of the Income-tax Act, 1961. Where the assessee's turnover exceeded the relevant threshold and business activity was reflected in the bank transactions, the obligation to keep prescribed books remained unchanged; such records could assist assessment but could not replace books of account. In the absence of a bona fide explanation for non-maintenance, the default under section 44AA was established and penalty under section 271A was sustained. Case-Laws Income Tax Mon, 11 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354556