60. Audit of Accounts

(1) Any dealer whose gross turnover in a year exceeds rupees 40 lacs or such other amount as the Commissioner, may by a notification in the Government Gazette specify, shall get his accounts in respect of that year audited by a Chartered Accountant or Cost and Works Accountant within six months from the end of that year and obtain a report of such audit in the prescribed form duly signed and verified by such Chartered Accountant or Cost and Works Accountant and setting forth such particulars as may be prescribed.

(2) A true copy of such report shall be furnished by such dealer to the Commissioner by the end of the month after expiry of the period of six months during which the audit would have been completed.

(3) If any dealer liable to get his accounts audited under sub-section (1) fails to get his accounts audited or fails to furnish a true copy of the audit report within the time specified in sub-section (2), the Commissioner shall after giving such dealer a opportunity of being heard impose on him, in addition to any tax payable, a sum by way of penalty equal to 0.25% of the turnover as he may determine to the best of his judgment, in his case, in respect of the said period.