If an assessee has not furnished a return of his income within the time allowed to him under section 139(1) or within the time allowed under a notice issued under section 142(1), he may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before completion of the assessment, whichever is earlier.
However the assessee may be liable to penalty of Rs. 5,000/- u/s 271 F, if the return is submitted after the end of the relevant assessment year.
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