Accows AND ~~corios

1. (1) Every-
   • (a) dealer; and
2. (6) person on whom a notice has been served to furnish returns under section 27, shall prepare and retain sufficient records to allow the Commissioner to ascertain the amount oftax due under this Regula$ion, and to explain all transactions, events and other acts engaged in by the person that are relevant for any purposes of this Regulation.
3. (2) Notwithstanding the generality of sub-section (1)-
   • (a) every registered dealer shall preserve a copy of all tax invoices issued by him;
4. (6) every dealer shall preserve the original of all tax invoices received by him; and
   • (c) every person who has paid an amount oftax, interest, penalty or other amount due under this Regulation, shall preserve a copy ofthe challan evidencing the making ofthe payment.
5. (3) Every dealer shall prepare and maintain the accounts and records in the manner and form as may be prescribed.
6. (4) If the Commissioner considers that such rewrds are not properly maintained to enable-him to ascertain discharge of the obligations by the person under this Regulation, he may require such person by notice in writing to maintainsuch accounts (includingrecords of

purchases and sales) as may be specified in the notice.

(5)The Commissioner may, by notification, direct any class ofdealers, transporters or

1. (6) Every person required to prepare or preserve accounts and records shall retain the required accounts and records for seven years after the conclusion of theevents or h.ansactions which they record unless any proceedings in respect of any event or transaction is pending in that case they shall be preserved till the fmal decision in those proceedings.
2. (7) Any loss, if any, of accounts and records referred to in sub-section (6) shall be reported to the Police and the Commissioner within a period of fifteen days from the date of such loss.