Incomes earned during a previous year are always taxable in the assessment year. Do you agree? Explain with reasons.

No, incomes of a previous year are not always taxable in the assessment year. In the following cases, incomes of a previous year are taxed in the previous year itself: Non-resident shipping business (Section 172). Assessment of persons leaving India (Section 174). Associations/ bodies formed for short duration (Section 174A). Assessment of person trying to alienate his assets with a view to avoid tax (Section 175). Discontinued business (Section 176).