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of <h1>Undisclosed income found in search prevents set-off of losses and unabsorbed depreciation for that year</h1> Where, as a consequence of a search, requisition or survey, an assessee's total income for a previous year includes any undisclosed income, no set-off of any loss (including brought-forward losses) or unabsorbed depreciation is permitted in computing that year's total income. 'Undisclosed income' comprises income represented by money, bullion, jewellery, other valuables or entries in books/documents discovered during the search/requisition/survey that were not recorded in the normal course or not disclosed to the tax authorities before the search/requisition/survey, and income represented by expense entries later found to be false and revealed by the search/requisition/survey.
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