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TMI BlogSubstitution of new sections for sections 23 to 26X X X X Extracts X X X X X X X X Extracts X X X X ..... y verification under this Act or 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 with rigorous imprisonment for a term which shall not be less than three months but which may extend to sever, years and with fine. 25. Wilful attempt to evade tax, etc. If a person wilfully attempts in any manner whatsoever to evade any interest-tax, penalty or interest chargeable or imposable under this Act, he shall, without prejudice to any penalty that may be imposable on him under any other provision of this Act, be punishable with rigorous imprisonment for a term which shall not be less than three months but which may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dit institution, every person who, at the time the offence was committed, was in charge of, and was responsible to, the credit institution or the conduct of the business of the credit institution as well as the credit institution shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section shall render any such person liable to any punishment if he proves that the tolerance was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a credit institution and it i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... instructions or directions to obtain the previous approval of the Board) to other interest-tax authorities for the proper composition of offences under this section. 26C. Power of credit institutions to vary certain agreements. Notwithstanding anything contained in any agreement under which any term loan has been sanctioned by the credit institution before the 1st day of October, 1991, it shall be lawful for the credit institution to vary the agreement so as to increase the rate of interest stipulated therein to the extent to which such institution is liable to pay the interest-tax under this Act in relation to the amount of interest on the term loan which is due to the credit institution. Explanation-- For the purposes of this secti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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