Penalty in relation to non-maintenance of records and unauthorised

or who is for the time being in possession of the stock of value exceeding rupees 20,000/- in excess of the stock disclosed by him in his records shall be liable to pay by way of

and an amount not exceeding thrice the amount of net tax payable by the person for the unaccounted stock or four thousand rupees, whichever is higher, for every subsequent offences.

1. (2) Notwithstanding anything contained in sub-section (1), the dealer shall have an option to get the offence compounded, on the spot, before the officer, upon payment of fifty per cent of penalty payable under sub-section (1).
2. (3) Where an offence has been compounded under sub-section (2), no further penal proceedings under sub- -section (1) shall be taken against the dealer in respect of such offence.
3. (4) A dealer who commits the offence under sub-section (1) for more than five occasions in a year shall be liable for cancellation of his registration.

Explanation:— ‘Officer’, for the purposes of this section, means the Commissioner appointed under this Act or any other officer not below the rank of Assistant Commercial