Yes. Then there is no requirement to file. And no question of any penalty.
You may receive a notice from the tax department asking you the reason why the return has not been filed. Many people who are not filing returns are facing this situation nowadays since all information regarding interest, rent, purchase/sale of securities, immovable properties, etc is being reported in AIS (Annual Information Statement).
Then you will have to spend a lot of time and effort to comply with details requested from such a notice. So to save your time too - you can plan and file your returns well in advance of the due date.