https://www.taxtmi.com/acts?id=12946 Liability arises where an application under sections 397 or 398 is made and proper books of account were not kept for the relevant period; officers in default are punishable unless they show they acted honestly and that the default was excusable. Proper books must exhibit and explain transactions and financial position, include day to day detailed cash entries, and, when goods are involved, annual stock takings and detailed records of goods sold and purchased identifying goods and buyers and sellers. en-us Wed, 18 May 2011 12:42:19 +0530 Wed, 18 May 2011 12:42:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12946 Liability arises where an application under sections 397 or 398 is made and proper books of account were not kept for the relevant period; officers in default are punishable unless they show they acted honestly and that the default was excusable. Proper books must exhibit and explain transactions and financial position, include day to day detailed cash entries, and, when goods are involved, annual stock takings and detailed records of goods sold and purchased identifying goods and buyers and sellers. Act-Rules Companies Law Wed, 18 May 2011 12:42:19 +0530 https://www.taxtmi.com/acts?id=12946