73. Audit of accounts

(1) Every registered dealer, other than the dealer who has opted for payment of tax under sub–section (2) of section 3 or under section 5 or who files e–returns with prescribed documents or submits returns and documents in soft copy to the assessing authority or the officer authorised by the Commissioner "or the dealer or class of dealers as may be notified by the State Government", shall, if his turnover "exceeds rupees one hundred lac" in any year, get his accounts in respect of such year audited by an Accountant within the prescribed period from the end of that year and furnish within the prescribed period the report of such audit in the prescribed form duly signed and verified by such Accountant setting forth such particulars and certificates as may be prescribed.

"Explanation.- For the purposes of this section Accountant means:-

(i) a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 (Central Act No. 38 of 1949); and

(ii) a Cost Accountant within the meaning of the Cost and Works Accountants Act, 1959 (Central Act No. 23 of 1959)."

(2) If any dealer liable to get his accounts audited under sub–section (1) fails to furnish a copy of such report within the time as aforesaid, the assessing authority or the officer not below the rank of Assistant Commercial Taxes Officer authorised by the Commissioner may, impose on him, in addition to any tax payable, a sum by way of *penalty equal to one tenth percent of the total turnover of that year or rupees one lac, whichever is less.