The FA have announced that Knight was found guilty of improper conduct following the Terriers' LDV Vans Northern Area Final 1st Leg against Blackpool in January.
They report that he will serve a 2 match ban, with immediate effect, although Town have stated that they may appeal.
If the Terriers do not appeal it could mean that the on-loan Chelsea youngster would miss crucial matches against Wrexham and Oldham over the Easter period.
Knight is already on 9 bookings and could stand to miss a further two matches if he is booked again before the 14th of April, which could put Town's play-off hopes in jeopardy.
Read Mel Booth's full report in the Examiner on Wednesday.