TMI Blog2007 (11) TMI 693X X X X Extracts X X X X X X X X Extracts X X X X ..... C.N. Ramachandran Nair Petitioners are challenging Exts. P7 to P9 notices issued to them to produce books of accounts for 1994-95 and 1995-96 on the ground that proceedings are barred by limitation. According to the petitioners, they were not retaining books of accounts relevant to the assessment years 1994-95 and 1995-96 in February 2003, when notices were issued to them. Counsel has referre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is clear from the above rule, that dealers are not bound to preserve books of accounts beyond two years from the date of completion of final assessment of the year to which they relate. If assessment is subject matter of appeal or revision, then books have to be maintained until expiry of two years from the date of disposal of the appeal or revision or from the date of completion of any proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etitioners are not bound to preserve books of accounts beyond two years, it is open to the department to collect information, compare the same with statement of accounts and returns filed by the petitioners and if the department has any material to hold that accounts produced were wrong, and the assessments based thereon are wrong, it is open to them to revise the assessments in accordance with th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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