Chapter VII ACCOUNTS AND RECORDS

Accounts Accounts.

1. (1) Every dealer liable to pay tax under this Act, and every other dealer on whom a notice has been served to do so, shall maintain a true and correct account of his business in the manner as may be prescribed.
2. (2) If the Commissioner considers that the accounts maintained by any dealer are not sufficiently clear and intelligible to enable him to make a valid assessment, he may require such dealer by notice in writing to maintain such accounts in such form as he may direct.

Accounts to be audited in certain cases Accounts to be audited in certain cases.—(1) Any dealer, whose turnover in a year exceeds such amount as may be prescribed, shall get his accounts audited by an accountant and furnish a report of such audit in the prescribed form and within the prescribed time, duly signed and verified by such accountant and setting forth such particulars and certificates as may be prescribed.

1. (2) If any dealer liable to furnish an audit report under sub-section
2. (1) fails to furnish such report within the time as aforesaid, the Commissioner may, after giving the dealer a reasonable opportunity of being heard, impose on him, in addition to any tax payable, a sum by way of penalty not exceeding rupees ten thousand as may be prescribed.