Record keeping obligation triggers fixed penalty for non maintenance or non retention of prescribed tax records, raising proportionality concerns.
Clause 441 imposes a fixed penalty for failure to keep, maintain, or retain prescribed books of account and documents as required by the statutory reference provision, and vests authority to impose the penalty in the Assessing Officer and appellate officers. The clause applies an objective standard of liability, omits an explicit savings clause preserving other penalty provisions, and contains no express exception for reasonable cause, raising issues of cumulative penalties and proportionality.