Penalty for false statement made in declaration or affidavit or periodic returns.

Whosoever, in any declaration or affidavit or periodic return made to an Excise Officer makes any statement which is false or found to be false after due verification or which he believes to be false or does not believe it to be true, touching any point material to the object for which the statement is made or used, shall be punishable with imprisonment for a term which may extend to one year and shall also be liable to fine which may extend to fifty thousand rupees.