The assessee in this case was deriving income from manufacturing and sale of different types and sizes of autoparts. That during the impugned assessment year the assessee’s premises was surveyed under the provisions of section 133A of the Act, where upon it was noticed that there were unaccounted receivables. The same was surrendered by the assessee.   However, at the time of finalization of the accounts, as at the close of the year, though the additional income surrendered during survey proceedings was credited as income, the same was offset with the brought forward business losses from the preceding assessment year, resulting in the return of nil income for the impugned assessment year, and claim of carry forward of losses of the balance.  In the assessment proceedings the Assessing Officer treated the additional income surrendered as deemed income under the provisions of section 69A and69B of the Act separately without allowing setoff of the same with the business losses of the assessee.  The Ld.  CIT(A) held the case in favour of the assessee.  On revenue appeal, the Tribunal held that the assessable as business income of the assessee and set off of losses was to be allowed against the same as rightly claimed by the assessee.   (AY.  2013-14)