Yes, where the registered person fails to account for the goods and/or services in accordance with Section 35(1), the proper officer shall determine the amount of tax payable on the goods and/or services that are not accounted for, as if such goods and/or services had been supplied by such person, and the provisions of Sections 73 or 74, as the case may be, shall apply, mutatis mutandis, for determination of such tax.
Note:
Under section 17(5)(h), input tax credit shall not be available in respect of goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and
Section 73 & 74 are the demand-related provisions under the Act.
(ICAI FAQ PUBLICATIONS 06-09-2017 ACCOUNTS AND RECORDS: FAQ NO. 13)