Clause 48

Any person who wilfully with intent to evade or to assist any other person to evade tax —

prepares or maintains or authorises the preparation or maintenance of any false books of account or other records or falsifies or authorises the falsification of any books of account or records; or

makes use of any fraud, art or contrivance or authorises the use of any such fraud, art or contrivance,shall be guilty of an offence for which, on conviction, he shall pay a penalty of 4 times the amount of tax which has been undercharged in consequence of the offence or which would have been undercharged if the offence had not been detected, and shall also be liable to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 5 years or to both.(2) Where an individual has been convicted for —

2 or more offences under this section; or

one offence under this section and one offence under section 96,the imprisonment he shall be liable to shall not be less than 6 months.(3) Where in any proceedings under this section it is proved that any false statement or entry is made in any books of account or other records maintained by or on behalf of any person, that person shall be presumed, until the contrary is proved, to have made that false statement or entry with intent to evade tax.(4) The Comptroller may compound any offence under this section and may before judgment stay or compound any proceedings thereunder.”.