The notice is for AY14-15. The reason for this notice is presumably the huge amount of TDS deducted in the assessee's PAN. This may mean that the income for AY 14-15 would be more than the minimum subject to tax. The logical steps would be as follows.
1. file a return in reponse to 142(1)notice showing the correct income from all bank deposits and other income if any.
2. A consequence of this would be that for last 5 AY's i.e 2013-14 to 2009-10, if the assessee has income more than minimum subject to tax, then he would be liable to file returns and pay tax on same with interest. But this alone would not be reason not to respond to the 142 notice.
3. since the assessee has avoided tax on the capital gains in 2005, he may not get any sympathy from the department. However, the capital gains of 2005 cannot be reopened and assessed now since all time limits for same has expired.