Section 62 - Insertion of new section 271A - Taxation Laws (Amendment) Act, 1975

62. Insertion of new section 271A. After section 271 of the Income-tax Act, the following section shall be inserted, namely: 271A. Failure to keep, maintain or retain books of account, documents, etc. Without prejudice to the provisions of section 271, if any person, without reasonable cause, 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 Income-tax Officer or the Appellate Assistant Commissioner may direct that such person shall pay, by way of penalty, a sum which shall not be less than ten per gent, but which shall not exceed fifty per cent, of the amount of the tax, if any, which would have been avoided if the income returned by such person had been accepted as the correct income. .