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Consequences of not filling air schedule of itr-2

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(Querist)
07 January 2012 I had purchased immoveable property of of high value and fails to disclose the same in my annual return in Schedule-AIR of ITR-2 and the same mistake i committed since last 3-4 years continually.

Kindly let me know the consequences of the same and also suggest remedy available.

Now department caught my all records. Altough i had never booked any income being all transactions were of purchase not of sale.

Kindly expedite your suggestion.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
08 January 2012 This is not a case of concealment of income. No penalty can be levied.
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