52B. PENALTY FOR MAKING FALSE STATEMENT IN APPLICATION, RETURN, ETC.
If in any application, return, report, certificate, balance sheet, prospectus, statement or other document made, submitted, furnished or produced for the purpose of any provision of this Act, any person makes a statement, –
(a) which is false in any material particular, knowing it to be false, or
(b) which omits to state any material fact, knowing it to be material,
He shall be punishable with imprisonment for a term which may extend to two years and shall also be liable to fine.