Section 37. Penalty for failure to furnish or for furnishing false return.

(1) If any person, who is under an obligation to furnish any return or information by or under this Act refuses or, except for reasons beyond his control, fails to furnish the return or information within the prescribed time, or furnishes any return or information which he knows or has reason to believe to be false, he shall be punished by a Revenue Officer with fine which may extend to five thousand rupees. (2) Without prejudice to the provisions of sub-section (1), where any such person fails to furnish the return or furnishes a false return, the Revenue Officer may, after giving him an opportunity of being heard by an order, giving reasons therefor, himself prepare the return for such person and such return shall, for all purposes, be deemed to be the return furnished by such person.