No. Penalty will not be applicable in such cases. 

271F. Penalty for failure to furnish return of income.— If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.

Here the words "person required to furnish a return of income" means someone whose gross total income is more than Rs.2,50,000.

THANKS.................

TOTAL INCOME OR GROSS TOTAL INCOME....BCZ MY GROSS TOTAL INCOME RS.274000 AND MY TOTAL INCOME RS.248000

It is Gross Total Income. As you explained now, your GTI is 274000. Now, Penalty may be levied by the AO.

OK......SCRUTINY ME CASE JAYE TO PROBLEM HENA...TB TK TO KOE ISSUE NHI NA???

You can file belated ITR of F.Y. 15-16 till 31.03.18...

Would suggest you to file the same !