No set off of losses against undisclosed income disallows carryforward and depreciation offsets where income arises from search or survey.

Losses and unabsorbed depreciation shall not be allowed to be set off against undisclosed income included in total income where such undisclosed income arises consequent to a search under section 247, a requisition under section 248, or a survey under section 253 (excluding survey under section 253(4)); the prohibition applies irrespective of other provisions and includes carried forward losses and depreciation. The expression undisclosed income is to be read as referred to in the statutory definition.

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