Rectification

In my view if you deposit your ITR on due date ( 31/07/2012) then you Revised the same.

if u have filed original return within the time limit i.e 31/07/12..then u can revised it.

in case u have not filed original return within prescribed time limit then u will be penalized and u cannot revise ur return.

Text of Section 139(5)

139(5) If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued 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 before the completion of the assessment, whichever is earlier :..”

Note:- for the purpose of this section, assessment shall refer to assessment made u/s 143(3) and u/s 144. Assessment made u/s 143(1) will not be trated as assessment for this pupose.