https://www.taxtmi.com/caselaws?id=470495 Penalty for failure to maintain books of account requires verification where audited financial statements and tax audit reports indicate that proper books were maintained. The audit reports and statements were based on examination of books, creating a conflict with the survey finding that no books existed. The penalty matter was restored for fresh determination after the assessee establishes maintenance of proper books and receives a reasonable opportunity of hearing. en-us Tue, 21 Sep 2021 00:00:00 +0530 Wed, 29 Jul 2026 16:36:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470495 Penalty for failure to maintain books of account requires verification where audited financial statements and tax audit reports indicate that proper books were maintained. The audit reports and statements were based on examination of books, creating a conflict with the survey finding that no books existed. The penalty matter was restored for fresh determination after the assessee establishes maintenance of proper books and receives a reasonable opportunity of hearing. Case-Laws Income Tax Tue, 21 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470495