No Penalty for Not Keeping Stock Books or Registers !

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Many times the assessing officer carries survey u/s 133A of the Income Tax Act and one of the finding may be not finding the stock books or registers. For such a lapse on part of businessman, it is customary for them to initiate penalty proceeding u/s 271A of the Income Tax Act. The penalty for non maintenance of books of account  is Rs 25,000 as per section 271A . In some case , stock register non-maintenance becomes the reason for rejecting the books of account.

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