OWWWWW YEAAHHHH I found the solution finally looking around the web Thank you Intel!
I'll share my answer so that after sometime someone who views this page will be able to solve their problem too.
We need to download a couple of things. 1. The latest intel Edison image
2. a tool called dfu-util.exe (Device Firmware Upgrade Utilities) & libusb-1.0.dll
you can find these 2 here (http://dfu-util.sourceforge.net/releases/dfu-util-0.8-binaries/win32-mingw32/)
unzip the latest intel Edison image. then copy the two files dfu-util.exe & libusb-1.0.dll .
see the COM port through device manager and connect to it through putty (in this way we're viewing what's happening inside the Edison)
restart the Edison
interrupt the boot by pressing Ctrl-C
Step 6- enter the command run do_flash - this puts the Edison in flash mode ready to talk to flashall. (let's see what's flashall in step 7)
Step 7 - Open the exe called flashall.exe(located inside the unzipped folder)
see what's happening in the command prompt windows (one opened in putty and the flashall.exe one)
it should be working now.
I personally had a issue where the flashall.exe displayed "Device has DFU interface, but has no DFU functional descriptor"
so it was occurred due to a driver problem so I had to install Windows Standalone Driver 1.2.1 (can be found here https://software.intel.com/en-us/iot/hardware/edison/downloads )
Phew. I'm happy that my Edison is working again
Post here if you have trouble too....