Canwe revise belated loss return to setoff income of same F.Y? Urgent Help required

Yes, now you can revise the belated return till March, 31st. 2019. (For AY 2017-18 only)

Read: " A return can be revised at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. It should be noted that only a return filed under section 139(1) or belated return filed under section 139(4) can be revised.

A return of income filed pursuant to notice under section 142(1) of Act cannot be revised under section 139(5).

Section 139(5) IT act, 1961.... (from 1.4.2017)If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before [To be ommitted from 1.4.2018...the expiry of one year from] the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

so does that mean that I can set off the loss ( FY 16/17 )from the income arising from the same year ( FY 16/17 ) and revise the return ?????

The initial return was a belated loss retun. Can belated loss return be revised to set off income from the same year?

Yes