Kindly refer: Madras High Court in CIT vs Taj Borewells (291 ITR 232 Madras).
“We can safely conclude that the profit and loss account and the balance-sheet are not books of account as contemplated under the provisions of the Act.”
Also refer to Section 209 of the Companies Act, 1956
(a) all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure take place; (b) all sales and purchases of goods by the company; 2[ (c) the assets and liabilities of the company; 3[ and] (d) 3[ in the case of a company pertaining to any class of companies engaged in production, processing, manufacturing or mining activities, such particulars relating to utilisation of material or labour or to other items of cost as may be prescribed, if such class of companies is required by the Central Government to include such particulars in the books of Account:] Provided that all or any of the books of account aforesaid may be kept at such other place in India as the Board of directors may decide and when the Board of directors so decides, the company shall, within seven days of the decision, file with the Registrar a notice in writing giving the full address of that other place.]
15 October 2013
Books or books of account includes ledgers, day- books, cash books, account-books and other books, whether kept in the written form or as print-outs of data stored in floppy, disc, tape or any other form of electro-magnetic data storage device...
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