Failure to keep, maintain or retain books of account, documents, etc.
A penalty of twenty-five thousand rupees shall be imposed on a person by the Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals), if he fails to—
(a) keep and maintain the books of account and other documents as per section 62 or the relevant rules, in respect of any tax year; or
(b) retain such books of account and other documents for the period specified in the said rules.