maintaning books of account

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ca vishal aggarwal (Querist)
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18 August 2009 i have been maintaning books of account of my partnership firm in computer .my pc hard disk has crashed nd i forgot to take backup of data.i have filed returns of partnership firms for previous years in time till now.can assessing officer demand books of account in case of assessment .if so is it nesessary to maintain buks of account .wat should i do incase assessing officer demands books of accounts

Taranjit Singh

Taranjit Singh (Expert)
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18 August 2009 You have to consider these points....

How Prolonged Books To Be Possessed ?
These books have to be kept for six years.

Consequence for failure to maintain books of account
Penalty Can be imposed for Rs 25,000 u/s 271A by the A.O or CIT(A).

Ankur Garg

Ankur Garg (Expert)
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19 August 2009 As per section 209(4A) of the companies act, 1956 books of accounts required to be maintained for 8 years.

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