74. Penalties relating to the keeping of records and submission of audited statement of accounts

(1) Any dealer who fails to keep and maintain proper records, in accordance with Sections 31 or by order of the prescribed authority shall be liable to a penalty of not exceeding two thousand rupees if such failure is the first during any year or ten thousand rupees if such failure is the second or subsequent during that year and, in addition, a further penalty not exceeding two hundred rupees per day for so long as the failure continues after being given an opportunity to show cause against such imposition of penalty.

(2) Any dealer who fails to retain records and accounts in accordance with Sections 32 and 33, after being given the opportunity of showing cause in writing against the imposition of a penalty, shall be liable to a penalty of ten thousand rupees.

(3) The power to levy the above penalty shall be vested in the officer authorised under Section 52.

(4) Any dealer who fails to submit within the time prescribed a copy of the audited statement of accounts, shall be liable to pay a penalty of five thousand rupees and, a further penalty of fifty rupees per day for so long as the failure to submit a copy of the audited statement of accounts continues, after being given an opportunity of showing cause in writing against such imposition of penalty by the prescribed authority.

(2) Any dealer who fails to retain records and accounts in accordance with Sections 32 and 33, after being given the opportunity of showing cause in writing against the imposition of a penalty, shall be liable to a penalty of ten thousand rupees.

(3) The power to levy the above penalty shall be vested in the officer authorised under Section 52.

(4) Any dealer who fails to submit within the time prescribed a copy of the audited statement of accounts or statement as required under sub-section (5) of Section 31of the Act, as the case may be shall be liable to pay a penalty of five thousand rupees and, a further penalty of fifty rupees per day for so long as the failure to submit a copy of the audited statement of accounts or statement as required under sub-section (5) of Section 31of the Act, as the case may be continues, after being given an opportunity of showing cause in writing against such imposition of penalty by the prescribed authority.