No set off of losses consequent to search, requisition and survey - Section 79 [w.e.f. 01.04.2022] - Income Tax - Ready Reckoner - Income Tax

No set off of losses consequent to search, requisition and survey - Section 79 [Inserted by FA 2022 , w.e.f. 01.04.2022] Where consequent to a search u/s 132 or a requisition u/s 132A or a survey u/s 133A other than TDS/TCS survey, the total income of any previous year of an assessee includes any undisclosed income, no set 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 a requisition u/s 132A or a survey u/s 133A other than TDS/TCS survey, which has,- (A) not been recorded on or before the date of search or requisition or survey, as the case may be, in the books of account or other documents maintained in the normal course relating to such previous year; or (B) not been disclosed to the PCCIT or CCIT or PCIT or CIT before the date of search or requisition or survey, as the case may be; or (ii) any income of the previous year represented, either wholly or partly, by any entry in respect of an expense recorded in the books of account or other documents maintained in the normal course relating to the previous year which is found to be false and which would not have been found to be so, had the search not been initiated or the survey not been conducted or the requisition not been made.