Validity of levy of penalty for not furnishing the return of income within the prescribed time

RELEVANT PARAGRAPH 6.2 In the present case there has been admittedly a default in terms of s. 271F of the Act; the assessee’s legal ground, i.e., in respect of validity of its return, being of no consequence, in view of me. Clear mandate of the provision (s. 271F), as well as the decision by the Hon’ble Apex Court in the case of Prakash Nath Khanna (supra). Further, the assessee’s plea of there being no presumption in law that everyone knows the law, as held by the Apex Court in the case of Motilal Padampat Sugar Mills & Co. vs. State of Uttar Pradesh (1979) 118 ITR 326 (...