About the statement: فَإِنَّهُمْ لَا يُكَذِّبُونَكَ (it is not you they are belying, rather, it is the signs of Allah they are denying) in the first verse (33), there is a related event, reported in Tafsir Mazhari on the authority of a narration by As-Suddiy, according to which, once Akhnas ibn Shuraiq and Abu Jahl, two chiefs of the Quraysh tribe met together. Akhnas asked Abu Jahl: 0 Abul-Hikam, (In Arabia, Abu Jahl was called Abul-Hikam - 'man of wisdom' - but because of his hostility to Islam, he became known as Abu-Jahl - 'man of ignorance' ), you and me are alone here. There is no third person listening to us. Tell me about Muhammad ibn ` Abdulluh. Tell me what you really think about him. Is he telling the truth or is he not?
Swearing by Allah, Abu Jahl said: No doubt, Muhammad is true. He has never lied all his life. But, the problem is that the thought, that only a single branch of the tribe of Quraysh, the Banu Qusayy, is going to become the repository of all sorts of virtues and perfections while the rest of the tribe remains totally deprived, is something that we cannot take. It is too much. They have the flag in their hands. They have the important duty of providing water for the Hajj pilgrims in their hands. They are the custodians of the Ka'bah; its keys are in their hands. Now, if we are to accept that the station of prophethood also belongs to them, what the rest of the Quraysh will be left with?
According to another narration reported from Najiyah ibn Ka'b, once Abu Jahl himself told the Holy Prophet ﷺ . We do not suspect you of lying nor do we belie you, but we do belie the Book or Religion which you have come up with. (Mazhari)
Based on these narrations of Hadith, the verse can be taken in its real sense, that is, 'these disbelievers do not belie you, rather, they be-lie the signs of Allah.' And this verse could also be taken in the sense that these disbelievers, though belie you obviously but, in reality, the outcome of belying you is itself the belying of Allah and His signs - as it appears in Hadith, that the Holy Prophet ﷺ said: Whoever causes pain to me is liable to be judged as causing pain to Allah.