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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Government Clarifies: Cost Accounting Records Must Be in Ink, Not Pencil, to Meet Section 209 Compliance Standards.</h1> A government circular addressed the issue of maintaining cost accounting records in pencil, which was brought to the government's attention. The Department examined this practice under section 209, which mandates that companies maintain proper books of account. Sub-section (4A) of section 209 further requires that these records be preserved in good order for at least eight years. The decision concluded that, to fulfill the requirement of 'proper books of account,' records should be maintained in indelible ink, ensuring permanence and compliance with legal standards.
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