Lawgist11EPersons possessing notified goods to maintain accounts
1[11E. Persons possessing notified goods to maintain accounts.--(1) Every person who, on or after the notified date, owns, possesses, controls or acquires any notified goods shall maintain (in such form and in such manner as may be specified by rules made in this behalf) a true and complete account of such goods and shall, as often as he acquires or parts with any notified goods, make an entry in the said account in relation to such acquisition or parting with, and shall also state therein the particulars of the person from whom such goods have been acquired or in whose favour such goods have been parted with, as the case may be, and such account shall be kept, along with the goods, at the place of storage of the notified goods to which such accounts relate:
Provided that it shall not be necessary to maintain separately accounts in the form and manner specified by rules made in this behalf in the case of a person who is already maintaining accounts which contain the particulars specified by the said rules.
(2) Every person who owns, possesses or controls any notified goods and who uses any such goods for the manufacture of any other goods, shall maintain (in such form, in such manner and containing such particulars as may be specified by rules made in this behalf) a true and complete account of the notified goods so used by him and shall keep such account at the intimated place.]
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1. Chapters IVA, IVB and IVC ins. by Act 12 of 1969, s. 2 (w.e.f. 3-1-1969).
- 11A Definitions
- 11B Power of Central Government to notify goods
- 11C Persons possessing notified goods to intimate the place of storage, etc
- 11D Precautions to be taken by persons acquiring notified goods
- 11E Persons possessing notified goods to maintain accounts
- 11F Sale, etc., of notified goods to be evidenced by vouchers
- 11G Sections 11C, 11E and 11F not to apply to goods in personal use
