Section 277

⁷² [False statement in verification, etc.

277. If a person ⁷³ makes a statement in any verification under this Act or under  any rule made thereunder, or delivers an account or statement which is false, and which he either knows or believes to be false, or does not believe to be true, he shall be punisha­ble,—

               ( i)   in a case where the amount of tax, which would have been evaded if the statement or account had been accepted as true, exceeds one hundred thousand rupees, with rigorous impris­onment 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 rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine.]