271A Income Tax Act - Failure to keep, maintain or retain books of account, documents, etc

Section 271a of Income Tax Act 1961 - Failure to keep, maintain or retain books of account, documents, etc

1Without prejudice to the provisions of 2 section 270A or section 271, if any person 3 *** fails to keep and maintain any such books of account and 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 4 Assessing Officer or the 5 *** Commissioner (Appeals) may direct that such person shall pay, by way of penalty, 6 a sum of twenty-five thousand rupees.
----------------------

1. Ins. by Act 41 of 1975, s. 62 (w.e.f. 1-4-1976).
2. Ins. by Act 28 of 2016, s. 101 (w.e.f. 1-4-2017).
3. The words ", without reasonable cause," omitted by Act 46 of 1986, s. 20 (w.e.f. 10-9-1986).
4. Subs. by Act 4 of 1988, s. 2, for "Income-tax Officer" (w.e.f. 1-4-1988).
5. The words and brackets "Deputy Commissioner (Appeals) or the" omitted by Act 21 of 1998, s. 65 (w.e.f. 1-10-1998). which was substituted as "Deputy Commissioner (Appeals)" for "Appellate Assistant Commissioner" by Act 4 of 1988, s. 2 (w.e.f. 1-4-1988) and the words and brackets "or the Commissioner (Appeals)" were inserted after "Appellate Assistant Commissioner" by Act 29 of 1977, s. 39 and the Fifth Schedule (w.e.f. 1-4-1977).
6. Subs. by Act 14 of 2001, s. 87, for "a sum which shall not be less than two thousand rupees but which may extend to one hundred thousand rupees" (w.e.f. 1-6-2001).