59. Penalty in relation to false or misleading statements.
- Where a person without reasonable cause,-(a)makes a statement to a taxation officer or to any other authorized officer, that is false or misleading in a material particular; or(b)omits from a statement made to a taxation officer or such other authorized officer any matter or thing without which the statement is misleading in a material particular, and the tax properly payable by the person exceeds the tax that would be payable if the person were assessed on the basis that the statement is true;the person is liable for penalty of rupees one thousand or equal to double the amount of the excess tax so payable, whichever is higher.
