Filing of 2 year's itr at once: risks

I'll reframe my question:

Can an AO levy penalty u/s 271F to an individual who has not filed Return for say Accounting Year 2009-10(Assessment Year 2010-11) until 31st March 2011 but filed it in say November 2011 and his income did not increase the maximum amount not chargeable to tax i.e. say it was only Rs.1 lac for the year?

I know a AO usually wouldn't levy in such a small assessee's case but can he legally empowered to?

According to me, the wordings of Sec 271F say that "if a person required to file return u/s 139(1) fails to do so before the end of the Assessment Year.....". So in this case the individual wasn't required to file return u/s 139(1) and its optional for him. But if he does so, can the AO levy it saying something like "ok this person wasn't required to but now that he has filed it I can levy penalty u/s 271F of Rs.5000??????

Levying of penalty requires some default of compliance of any provision of Income Tax Act on part of assessee. In the above case the assessee was not required to file return in first case hence the question of levying penaly does not arise.