62. Offences

Every person who —

acts in contravention or fails to comply with any provisions of this Act or any regulation or rule made thereunder;

fails or refuses to furnish any return when required to do so by the Board under section 59;

fails or refuses to furnish any information or produce any document when required by the Board under section 60; or

knowingly makes any false statement in any return furnished under section 59 or knowingly furnishes any false information under section 60, shall be guilty of an offence under this Act and shall on conviction after summary trial before a Magistrate, be liable to a fine not exceeding one hundred thousand rupees or to an imprisonment of either description for a term not exceeding two years or to both such fine and imprisonment, and in the case of a continuing offence, to a fine of one thousand rupees for each day on which the offence is continued to be committed after the conviction.