1[22. Penalty for making false reports.---Any person who, being required by or under this Act,--- (i) fails to furnish any return shall be liable--- (a) for the first contravention with a warning; (b) for any subsequent contravention, to penalty of not less than ten thousand rupees but which may extend to fifty thousand rupees; (ii) 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 liable to penalty of not less than ten thousand rupees but which may extend to one lakh rupees.]

1[22. Penalty for making false reports.---Any person who, being required by or under this Act,--- (i) fails to furnish any return shall be liable--- (a) for the first contravention with a warning; (b) for any subsequent contravention, to penalty of not less than ten thousand rupees but which may extend to fifty thousand rupees; (ii) 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 liable to penalty of not less than ten thousand rupees but which may extend to one lakh rupees.]