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Under Section 44 of the Information Technology Act, 2000, where a person required to maintain books of account or records fails to maintain the same, he is liable to a penalty NOT EXCEEDING:
Answer & Solution
Correct answer: D.
1. Section 44(c) of the IT Act specifies the penalty for failure to maintain books of account or records.
2. The Lesson 17 box on Section 44 sets the penalty at "ten thousand rupees for every day during which the failure continues".
3. Unlike Section 44(a), this is a per-day penalty, not a per-failure cap.
4. The Section 44(b) (failure to file return) penalty is Rs. 5,000 per day, half of the Section 44(c) cap.
_Source: ICSI CS Executive Paper 1 (Jurisprudence, Interpretation & General Laws) — Lesson 17: Information Technology Act, 2000, pp. 407-419._
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