Section 271. Failure to furnish returns, comply with notices, concealment of income, etc

1[ 271. Failure to furnish returns, comply with notices, concealment of income, etc. —(1) If the 2[Assessing Officer] or the 3* 4[Commissioner (Appeals)] 5[or the 6[Principal Commissioner or Commissioner]] in the course of any proceedings under this Act, is satisfied that any person— 7* * * * *] (b) has[8] * failed to comply with a notice[9] [under sub-section (2) of section 115WD or under sub-section (2) of section 115WE or under sub-section (1) of section 142] or sub-section (2) of section 143[10] [or fails to comply with a direction issued under sub-section (2A) of section 142], or (c) has concealed the particulars of his income or[11] * furnished inaccurate particulars of[12] [such income, or] 13[(d) has concealed the particulars of the fringe benefits or furnished inaccurate particulars of such fringe benefits,] he may direct that such person shall pay by way of penalty,— 14* * * * * 15[(ii) in the cases referred to in clause (b), 16[in addition to tax, if any, payable] by him, 17[a sum of ten thousand rupees] for each such failure;] 18[(iii) in the cases referred to in 19[clause (c) or clause (d)], 16[in addition to tax, if any, payable] by him, a sum which shall not be less than, but which shall not exceed[20] [three times], the amount of tax sought to be evaded by reason of the concealment of particulars of his[21] [income or fringe benefits] or the furnishing of inaccurate particulars of such[21] [income or fringe benefits]. 22* * * * *] Explanation 1. —Where in respect of any facts material to the computation of the total income of any person under this Act,— (A) such person fails to offer an explanation or offers an explanation which is found by the 2[Assessing Officer] or the 3* 4[Commissioner (Appeals)] 5[or the 6[Principal Commissioner or Commissioner]] to be false, or