- If a person makes a statement in any verification under this Act or under any Rules made thereunder or delivers an account or statement or return which is false and which he either knows or believes to be false, or does not believe to be true, shall be punishable:-(i)In case where the amount of tax, which would have been evaded if the statement or account or return had been accepted as true, exceeds one lakh with imprisonment of either description for a term which shall not be less than six months but which may extend to seven years and with fine;(ii)In any other case with imprisonment of either description for a term which may extend to three years or with fine or with both.
