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

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..... d 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 thou .....

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..... 7-1978. 6. Substituted for a sum which shall not be less than two thousand rupees but which may extend to one hundred thousand rupees by the Finance Act, 2001, w.e.f. 1-6-2001. Earlier, the quoted words were substituted for a sum which shall not be less than ten per cent but which shall not exceed fifty per cent of the amount of the tax, if any, which would have been avoided if the income .....

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