- Every dealer or person who is required to keep accounts by sub-section (1) of section 40 shall -(a)Keep an account of purchases in such form as the Commissioner any lay down by a notification, and shall also preserve all invoices, bijaks, challans and other documents, supporting purchases for a period of not less than eight years after the completion of assessment, appeal or revision for the year whichever is later; and(b)Issue a challan in respect of all transfer of goods from his place of business otherwise than as a result of sale in such form as the Commissioner may be notification lay down.
