59. Penalty for not maintaining or keeping accounts

Where any dealer does not maintain accounts, registers and documents as required under the provisions of sub– sections (1) and (2) of section 71, or does not keep his accounts, registers and documents at a place in accordance with the provisions of sub–sections (3) and (4) of section 71, the assessing authority or any other officer not below the rank of Assistant Commercial Taxes Officer as authorised by the Commissioner may direct that such person shall pay by way of penalty"a sum not exceeding rupees five thousand and in case of continuing default a further penalty of rupees fifty for every day of such continuance".