(1) All the papers relevant to the making of any assessment including determination of late fee and interest, imposition of penalty and refund of tax, interest, late fee or penalty in respect of any particular dealer, casual dealer, owner, lessee or occupier of a warehouse, person or owner of goods, as the case may be, shall be kept together and shall from assessment case records.

(2) The Assessment case records referred to in sub-rule (1) shall be preserved by the appropriate authority for twelve years or till such periods as such case records may be required for final disposal of any appeal, review, revision or reference under the Act or for final disposal of any case pending before any Court or Tribunal or for making any refund or recovery of any amount of tax, interest, late fee or penalty.