Section 26. Penalty for making false returns

CHAPTER VII MISCELLANEOUS 26. Penalty for making false returns.— Any person who being required by or under this Act to furnish any return fails to furnish such return or furnishes a return containing any particular which is false and which he knows to be false or does not believe to be true shall be[1] [liable to penalty which may extend to fifty thousand rupees and for subsequent failure, penalty which may extend to one lakh rupees].