Undisclosed income definition clarifies assets and false or unrecorded entries captured by search based tax assessments. Undisclosed Income comprises money, bullion, jewellery, other valuable articles, expenditures, income or book entries representing income or property not disclosed for tax purposes during the block period, including incorrect claims for expenses, exemptions, deductions or allowances. For search-based penalty purposes, it includes assets or entries found in a search that were not recorded in the normal course or not disclosed to tax authorities before the search, and false expense entries that would not have been detected absent the search.