No Set-off of Losses Against Undisclosed Income Consequent to Search, Requisition and Survey - (New) Section 120 / (Old) Section 79A [w.e.f. 01.04.2022]

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.... Prohibition on Set-off of Losses and Unabsorbed Depreciation Against Undisclosed Income [ Section 120(1) ] • Overrides all other provisions of the Act. • Covers: • Brought forward business losses. • Current year losses. • Losses under any head (subject to the wording "any loss"). • Unabsorbed depreciation. â....

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....try in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this Act, or any expense, exemption, deduction or allowance claimed under this Act which is found to be incorrect, in respect of the block period. Essential Ingredients of Undisclosed Income For an item t....

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....t off, against such undisclosed income. Explanation.-For the purposes of this section, the expression "undisclosed income" means,- (i) any income of the previous year represented, either wholly or partly, by any money, bullion, jewellery or other valuable article or thing or any entry in the books of account or other documents or transactions found in the course of a search u/s 132 or ....