Three-year period of limitation is prescribed for taking cognizance of the offence punishable with imprisonment for a term, not exceeding

Option (1) is incorrect: Under Section 468(2) of the Code of Criminal Procedure, the period of limitation for taking cognizance is one year if the offence is punishable with imprisonment for a term, not exceeding one year. Option (2) is correct: Under Section 468(2) of the Code of Criminal Procedure, the period of limitation for taking cognizance is three years, if the offence is punishable with imprisonment for a term exceeding one year, but not exceeding three years. Option (3) is incorrect: No limitation period for taking cognizance is mentioned under the Code of Criminal Procedure, if the offence is punishable by more than three years. Option (4) is incorrect: No limitation period for taking cognizance is mentioned under the Code of Criminal Procedure, if the offence is punishable by more than three years.