No set off of losses: losses and unabsorbed depreciation cannot be offset against undisclosed income found by search or survey. Where undisclosed income is identified as a consequence of a search, requisition or survey, no set off of losses, including brought forward losses, or unabsorbed depreciation shall be allowed against that undisclosed income in computing total income. 'Undisclosed income' includes money, bullion, jewellery, other valuables, entries or transactions not recorded or not disclosed prior to the action, and false expense entries uncovered by the search, requisition or survey.