False Statements Under Finance Act 2016: Up to 3 Years Jail, Fine; Requires Chief Commissioner's Sanction for Prosecution.

Under Sections 176 and 177 of the Finance Act, 2016, making a false statement in any verification or delivering a false account or statement, knowing or believing it to be false, is punishable by up to three years of imprisonment and a fine. This offense is categorized as non-cognizable, meaning it does not warrant immediate arrest without a warrant under the Code of Criminal Procedure, 1973. Prosecution for such offenses requires prior sanction from the Chief Commissioner of Income-tax.

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