Return Filing is a serious Business & Reporting error cannot be pleaded lightly: ITAT Indore

ITO Vs Rajeev Sareen Indore (ITAT Indore) 1. The assessee had made huge cash deposits in different bank accounts. 2. During assessment-proceeding, the assessee claimed that the cash-deposits were made out of the opening cash-balance available with him. 3. Ld. AO perused the return of income of the immediately preceding year held by department on record and observed that the assessee had declared “Nil” cash balance as on 31st march of preceding year in the return. 4. When this fact was confronted to the assessee, it was submitted by him that the reporting of “Nil” cash balance was just ...