Describe the penalties which may be imposed for non-furnishing of information and for making false statement on combination under the Competition Act, 2002.

Section 43A of the Competition Act, 2002 provides that if any person or enterprise who fails to give notice to the Competition Commission of India under section 6(2), the Competition Commission of India shall impose on such person or enterprise a penalty which may extend to one per cent of the total turnover or the assets, whichever is higher, of such a combination. Thus, failure to file notice of combination falling under Section 5 attract deterrent penalty. Section 44 provides that If any person, being a party to a combination, makes a statement which is false in any material particular, or knowing it to be false; or omits to state any material particular knowing it to be material, such person shall be liable to a penalty which shall not be less than rupees fifty lakhs but which may extend to rupees one crore, as may be determined by the Competition Commission of India.