Registered dealers in added territory to furnish returns of stocks of goods held by them

(1) Every registered dealer in the added territory shall, in respect of any goods or class of goods which the State Government may by notification in this behalf specify, within seven days from the date of such notification, furnish to the assessing authority concerned a return containing such particulars as may be specified in the said notifications declaring the stocks of such goods or class of goods held by him, on the date of the commencement of this Act. (2) If any registered dealer fails to furnish the return which he is required to furnish under sub-section (1) or wilfully makes any false statement therein, he shall be punishable with fine which may extend to five hundred rupees.