Failure to keep, maintain or retain books of account, documents, etc.

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....other documents as required by section 44AA or the rules made thereunder, in respect of any previous year or to retain such books of account and other documents for the period specified in the said rules, the ^3[Assessing] Officer or ^8[the Joint Commissioner (Appeals) or the Commissioner (Appeals)] may direct that such person shall pay, by way of penalty, ^6[a sum of twenty-five thousand rupees].....

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....nt) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Appellate Assistant Commissioner" 5. Inserted vide Fifth Schedule of the Finance (No. 2) Act, 1977 w.e.f. 10-07-1978 6. Substituted vide Section 87 of the Finance Act, 2001 w.e.f. 01-06-2001 before it was read as,  "a sum which shall not be less than two thousand rupees but which may extend to one hund....