No set off of losses against undisclosed income consequent to search, requisition and survey
[As per the Income Tax Act, 2025 (this Act) w.e.f. 1st April, 2026.]
Section 120(1) of Income Tax Act 2025
(1) Irrespective of anything to the contrary contained in any other provision of this Act, any loss, whether brought forward or otherwise or unabsorbed depreciation, shall not be allowed to be set off against any undisclosed income which is included in the total income of any tax year, consequent to a search conducted under section 247 or a requisition under section 248 or a survey conducted under section 253, not being a survey under section 253(4).
Section 120(2) of Income Tax Act 2025
(2) In this section, the expression “undisclosed income” for any tax year shall have the meaning assigned to it in section 301.