Penalty for failure to keep accounts or submit statements.

If any trader liable under section 11 to keep accounts or to submit statements, fails without sufficient cause to keep or submit the same in the manner and at the period prescribed or keeps false accounts or submits false statements, he shall, on conviction, be punished with fine which may extend to Rs. 20,000 and in the case of a continuing failure, with an additional fine which may extend to Rs. 1,000 for each day during which such failure continues, after conviction for the first such failure.