Section 26

Penalty for making false returns . —A —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] .

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26. Penalty for making false returns . —A —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] .