No penalty u/s 271A when assessee unable to produce books of Accounts due to circumstances beyond control

Ashok Kumar Dutta Vs DCIT (ITAT Kolkata) Notice u/s 274 read with section 271A of the Income Tax Act, 1961. The word maintained and retained has been used in section 271A of the Act .If assesseee fails to maintain or  fails to retain such books of accounts and other documents . The Income tax authority may direct that the assessee shall pay penalty u/s 271A of the Act for a sum of Rs. 25000.00 Section 273B will protect the assessee if he proves there was reasonable cause for the said failure. Element of deliberateness is required for violating statutory obligation for imposing of penalty u/s ...