(1) No assessment under Section 37 or 38 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.

Provided that for the assessment year 2014-15, the assessment under Section 37 or 38 can also be made after the expiry of five years till 31st August, 2020.

(2) Any assessment made or penalty imposed under this Chapter shall be without prejudice to prosecution for any offence under this Act.