PRAKASH NATH KHANNA vs COMMNR OF INCOME TAX

The Supreme Court addressed the interpretation of Section 276-CC of the Income Tax Act, 1961, holding that the expression 'to furnish in due time' refers to the time permissible under the Act. The Court ruled that since the appellants had voluntarily submitted their returns and were regularly assessed, the provisions of Section 276-CC were not applicable. The Court upheld the High Court's dismissal of the writ petitions, affirming that there was no evidence of tax evasion or concealment of income.