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of <h1>False Statements on Commodities Tax Can Lead to 3 Years' Imprisonment and Fine Under Section 118, Finance Act 2008.</h1> Under Section 118 of the Finance Act, 2008, related to the Commodities Transaction Tax, any individual who knowingly makes a false statement during verification or submits a false account or statement is subject to punishment. This includes imprisonment for up to three years and a fine. Furthermore, offenses under this section are classified as non-cognizable, meaning they are not subject to arrest without a warrant, as per the Code of Criminal Procedure, 1973.
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