Maintenance of Records requires assessees to preserve and produce accounting records and file prescribed excise returns. Every assessee must maintain private accounting records and supporting documents covering all transactions, authenticate books and maintain a Daily Stock Account, preserve records for five years, and furnish a duplicate list of records to the Range Officer with modifications notified. Periodic excise returns (monthly/quarterly and specified annual and input returns) must be filed with prescribed attachments; returns are subject to departmental scrutiny and officers may demand records and audit reports. Electronic recordkeeping and e-filing are permitted if backups and monthly printouts are retained and produced on demand. Non-maintenance or late filing attracts penalties.
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Provisions expressly mentioned in the judgment/order text.
Maintenance of Records requires assessees to preserve and produce accounting records and file prescribed excise returns.
Every assessee must maintain private accounting records and supporting documents covering all transactions, authenticate books and maintain a Daily Stock Account, preserve records for five years, and furnish a duplicate list of records to the Range Officer with modifications notified. Periodic excise returns (monthly/quarterly and specified annual and input returns) must be filed with prescribed attachments; returns are subject to departmental scrutiny and officers may demand records and audit reports. Electronic recordkeeping and e-filing are permitted if backups and monthly printouts are retained and produced on demand. Non-maintenance or late filing attracts penalties.
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