Amendment status not verified — confirm the current text below against the official source.
A penalty of Rs.25000 may be imposed on a person by the Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals), if he fails to-- (a) keep and maintain the books of account and other documents as per section 62 or the rules made thereunder, in respect of any tax year; or (b) retain such books of account and other documents for the period specified in the said rules.