"The income earned by an assessee in a previous year is assessable for tax in the assessment year. There is no exception to it". Comment.

The Statement is incorrect. In the following situation, the Income of previous year of an assessee is taxed in the previous year itself: Income of Non-Resident from Shipping Business u/s 172 of the Income Tax Act, 1961. Income of persons leaving India either permanently or for long duration u/s 174 of the Income Tax Act, 1961. Income of bodies formed for short duration u/s 174A of the Income Tax Act, 1961. Income of person trying to alienate his assets with a view to avoid tax u/s 175 of the Income Tax Act, 1961. Income of discontinued business u/s 176 of the Income Tax Act, 1961.