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TMI BlogTime limit for keeping recordsX X X X Extracts X X X X X X X X Extracts X X X X ..... Time limit for keeping records X X X X Extracts X X X X X X X X Extracts X X X X ..... nted from which date. I think 5 years must be counted from the date or period in which liability arises or event occurs. For an example, you have imported some material without payment of duty. You failed to use that material as per the permission or scheme of EOU and you divert that material to DTA without payment of duty. Your period of 5 years would be counted from the date of diversion of said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material to DTA in contravention of provisions. Reply By R.S. Mangal: The Reply: Though for a normal unit 5 years are sufficient for keeping the record of Central Excise, Service Tax,however, it would be in the interst of the unit to keep the record of at export and duty free procurement for the entire tenure till it is debonded. Such record will help in getting debonding facilitated when such fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gures are required to be verified by the CE and Development Commissioner. Reply By DEV KUMAR KOTHARI: The Reply: Shri Ram Krishna and Shri R.S.Mangal has replied on general need to keep records. Please check the period, the pending cases or proceedings and likely disptes which can be raised by revenue. There is no harm in keeping records for longer period. In case of space shortage, scanned docum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of important matters can be kept. X X X X Extracts X X X X X X X X Extracts X X X X
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