Section 120 — No set off of losses against undisclosed income consequent to search, requisition and survey

Old Act equivalent: Section 79(2) of IT Act 1961 Sub-part: Set off, or carry forward and set off of losses

Statutory Text

(1) Irrespective of anything 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). (2) For the purposes of this section, the expression “undisclosed income” for any tax year shall have the meaning as referred to in section 301. Submission of return for losses.

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Applies to: Assessees subject to search under section 301, requisition under section 302, or survey under section 304
Conditions: Undisclosed income determined consequent to search/requisition/survey
Time limits: Applicable for tax year in which search/requisition/survey is initiated and any earlier year
Monetary limits: No specific monetary limit
Exceptions: Losses cannot be set off against undisclosed income; unabsorbed depreciation also cannot be set off