(1)Where any registered non-profit organisation––(a)fails to maintain books of account under section 347; or(b)fails to get books of account audited under section 348; or(c)fails to furnish its return of income under section 349; or(d)carrying out advancement of any other object of general public utility, carries out any commercial activity in contravention of the provisions of section 346,during any tax year, its regular income for such tax year as reduced by the expenditure referred to in sub-section (3) shall be taxable regular income which shall be chargeable to tax as per the provisions of section 334.
