SHORT ANSWER:
If someone fails to verify their Income Tax Return (ITR), it is considered invalid and will not be processed.
DETAILS:
- The ITR must be verified within 120 days of filing.
- Failure to verify means the return is treated as not filed.
PUNISHMENT / IMPLICATIONS (if applicable):
- No refund will be issued if the ITR is not verified.
- The taxpayer may face penalties for non-compliance.
SOURCE:
- Income Tax Act, 1961
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