Amendment status not verified — confirm the current text below against the official source.
No assessment after five years :- (1) No assessment under section 31 and 32 shall be made after the expiry of five years from the end of the tax period to which the assessment relates; Provided that in case of offence under this Act for which proceeding for prosecution has been initiated, the limitation as specified in this sub- section shall not apply. (2) Any assessment made or penalty imposed under this Chapter shall be without prejudice to prosecution for any offence under this Act.