Section 86(3) in Meghalaya Value Added Tax Act, 2003
(3)If any dealer liable to get his accounts audited under sub-section (1) fails to get his accounts audited and furnish a true copy of the audit report with the time specified in subsection (2), the Commissioner shall, after giving the dealer a reasonable opportunity of being heard impose on him, in addition to any tax payable, a sum by way of penalty equal to 0.1% of the turnover as he may determine the best of his judgement in his case in respect of the said period.Explanation. - For the purpose of this section, "Accountant", means a Chartered Accountant within the meaning of the Chartered Accountant's Act, 1919 and includes a person who by virtue of the provisions of sub-section (2) of Section 226 of the Companies Act, 1956, is entitled to be appointed to Act as an auditor of Companies registered under the said Act.
