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Forget toshow Rs. 10 lakhs cash deposit in bank in AIR

This query is : Resolved 
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(Querist)
10 August 2008 We have trading wholesale business and requires cash deposit of much more than Rs.10 lakhs in bank. We forget to show this in AIR in return of income filed before this 31st July. Now can income tax department make us pay penalty for not disclosing this in return of income
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CA Abhishek Tyagi

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CA Abhishek Tyagi (Expert)
10 August 2008 you should file the revised return in such a case to avoid the penal provisions of the income tax act.
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
10 August 2008 File revised return.
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