58. Maintenance of accounts and records etc.-
(1) A registered dealer or a dealer to whom a notice has been served to furnish return under sub-section (2) of section 31 shall maintain a true and up to date account of the value of goods purchased or manufactured and sold by him or goods held by him in stock, and, in addition to the books of accounts that a dealer maintains and keeps for the purpose referred to in this sub-section, he shall maintain and keep such registers and accounts in such form and in such manner as may be prescribed.
(2) Every dealer referred to in sub-section (1) shall keep at his place of business all accounts, registers and documents maintained in the course of business.
(3) Where a dealer referred to in sub-section (1) has established branch offices of the business in the State other than the principal place of business, the relevant accounts, registers and documents in respect of each such branch shall, without prejudice to the provisions of sub-section (5); be kept by him at such branch.
(4) If the Commissioner is of the opinion that the accounts maintained by any dealer or any class of dealers do not sufficiently enable the Assessing Authority to verify the returns referred to in sub-section (1) of section 31 or the assessment cannot be made on the basis thereof, he may by an order, require such dealer or class of dealers, to keep such accounts, in such form and in such manner as he may, subject to rules made under the Act, direct.
(5) If the Commissioner is satisfied that any dealer is not in a position to maintain accounts in accordance with the provisions of sub-section (1) he may, for reasons to be recorded in writing, exempt such dealer from the operation of the provisions of the said sub-section.