Section 86(12) in Daman and Diu Value Added Tax Regulation, 2005
(12)Where a person is required under this Regulation to -(a)prepare records or accounts in accordance with the provisions of Chapter X; or(b)prepare such records or accounts in the prescribed manner; or(c)retain records or accounts in accordance with provisions of sub-section (6) of section 48,and such person -(i)fails to prepare the required records and accounts; or(ii)fails to prepare records and accounts in the prescribed manner; or(iii)fails to retain the records and accounts as required by sub-section (6) of section 48,the person shall be liable to pay, by way of penalty, a sum of fifty thousand rupees or twenty per cent. of the tax deficiency, if any, whichever is higher.
