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"(1) That, on the facts and circumstances of the case and in law, the Ld. A.O erred in having treated the revised return filed u/s. 139(5) of the Act as invalid and the Ld. CIT(A) misdirected himself in upholding the said illegal action of the A.O on the alleged ground that condition precedent for a valid revised return had not been fully complied.

(2) That, the Ld. revenue authorities have erred in treating the salary income for April'07 to July'07 aggregating to Rs.2,18,461/- received from M/s Indiabulls Securities Ltd and declared in the revised return as assessee' concealed income in spite of the fact that during assessment proceeding the assessee offered the said salary income for assessment, which was omitted to declare in the original regular return for non-availability of Form No.6 from the employer and TDS was also reflected in 26AS form for the same financial year.

36. In the instant case the assessee has filed the revised return within the due date as specified under section 139(5) of the Act and before the completion of assessment. The return was processed under section 143(1) of the Act on dated 10/06/2009 and thereafter the case was selected for scrutiny under section 143(2) of the Act. However there is no doubt about the facts that the revised return was filed before the completion of the assessment and within the time allowed under section 139(5). Accordingly we direct the lower authorities to treat the revised return as valid return and income shown therein should not be treated as concealed income. Accordingly the claim made by the assessee in the revised return should be admitted. We reverse the orders of the authorities below after having reliance in the aforesaid judgments. Hence, the additional grounds No. 1 and 2 of assessee is allowed.