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(i) Return income of Rs. 1,64,200/- filed on 18.08.2008 for A.Y. 2008-09.

(ii) Notice u/s 143 (2) issued on 25.03.2009.

(iii) Revised return filed on 02.12.2010 declaring income NIL, after claiming a share Loss on account of speculative transactions (F&O) amounting to Rs. 4,22,356.

4.4 In this case, the due date of filing of return of income was 31.07.02008 and the Return was filed belated on 18-08-2008. As regards, the filing of a revised return is concerned, the provision of sub section (5) of section 139 of the IT Act provide that "if any person, having furnished a return under sub section (1), of section 142 discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or time before the expiry of any year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier," Thus, it is clear from this , that a valid revised return could be filed only up to 31.03.2010. In this case the appellant has filed a revised return only on 02.12.2010, which is beyond the time permissible under the law and is hence invalid return.