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3. Facts of the case, in brief, are that the assessee is a company and is engaged in the business of builders and civil contractors, share trading on MCS and NSE. It filed its return of income on 16.08.2012 declaring total income of Rs.35,61,030/-. During the course of assessment proceedings, the assessee company filed written reply on 24.11.2014 stating that business loss of Futures and Options was not claimed in the original return. Therefore, the revised computation of income reducing the taxable income from 35,61,034/- to 18,04,306/- was filed. The assessee company was required to show cause as to how the loss of Futures & Options by way of filing revised computation is allowable. In compliance thereto the AR of the assessee company repeated the same reply as filed on 24.11.2014. The Assessing Officer referred to the decision of Hon'ble Supreme Court in the case of Goetze India Ltd. Vs. CIT [284 ITR 223] and held that the deduction could not be made without a valid revised return. Since in the instant case the return has not been revised within the meaning of section 139 (5) of the IT Act, 1961 therefore, he rejected the claim of the assessee company.