One of my client got assessment order under section 143(3) RW sec 147 for not showing one bank account while filing return of income for A.Y.2006-07. Fact of case was as under:
Assessee is having a saving account in a co op bank which was not shown in ITR. AO got information from AIR submitted by bank that assessee has deposited Rs.16 Lacs in that account.
Order has been passed and demand raised for Rs.10Lac.
What are the stand and case laws we can use to lower this demand ?!