https://www.taxtmi.com/acts?id=40487 A new provision disallows set off of any loss, whether brought forward or otherwise, and unabsorbed depreciation against undisclosed income where such income is discovered as a result of a search under section 132, a requisition under section 132A or a survey under section 133A (excluding subsection (2A)). "Undisclosed income" covers money, valuables, entries or transactions found by those actions that were not recorded in the books maintained in the normal course or not disclosed to specified commissioners before the action, and false expense entries in the books of account revealed by those actions. en-us Tue, 01 Feb 2022 14:54:51 +0530 Tue, 01 Feb 2022 14:54:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=40487 A new provision disallows set off of any loss, whether brought forward or otherwise, and unabsorbed depreciation against undisclosed income where such income is discovered as a result of a search under section 132, a requisition under section 132A or a survey under section 133A (excluding subsection (2A)). "Undisclosed income" covers money, valuables, entries or transactions found by those actions that were not recorded in the books maintained in the normal course or not disclosed to specified commissioners before the action, and false expense entries in the books of account revealed by those actions. Act-Rules Bills Tue, 01 Feb 2022 14:54:51 +0530 https://www.taxtmi.com/acts?id=40487