Consequence of not filing ITR

Yes there are other consequences

fore most of them is being subjected to Best Judgement U/s 144. The A.O will proceed with information with him

If by chance if you have made any cash deposits in bank,they may also be treated as unexplained deposits U/s 69A. Hence depending up on your activities importance of filing I.T.R plays a significant role. 

Department can raise Outstanding Demand with penalty & interest in future if any one doesn't file their ITR and income is taxable.

As said by Mr keerthi, 144 assessments may be made but before that you will be given an opportunity to file your roi by issuing 142(1) notice or 148 notice.

@ Consequences of Non or Late Filing of the Income Tax Return

Penalty under Section 271F of Income Tax Act, 1961:

1) Penalty under Section 271F of Income Tax Act, 1961:

2) Interest under Section 234A of Income Tax Act, 1961

3) Non-Carry Forward of Losses

4) Best judgment assessment (Assessment under section 144)

5) Claim of Refund of Taxes

6) Penalty for Concealment of Income

7) Prosecution for Failure to Furnish Return of Income