Prakash Nath Khanna & Anr vs Commissioner Of Income Tax And Anr

The Supreme Court addressed the interpretation of Section 276-CC of the Income Tax Act, 1961, determining that the phrase 'to furnish in due time' refers to the time permissible under the Act. The Court held that if a return is filed before assessment, it should be considered as filed in due time, thus Section 276-CC is not applicable. The Court upheld the High Court's dismissal of the writ petitions challenging the legality of proceedings initiated against the appellants for late submission of income tax returns.