Explain the cases of exception under the Income Tax Act, 1961, if any from the general rule "Income earned by a person during a previous year is always taxable in the Assessment Year".

Income earned by a person during the previous year is always taxable in the Assessment Year as per Income tax Act, 1961. However, there is an exception to this general rule and the Income earned during a previous year is taxable in the previous year itself in the following cases: Income of non-resident shipping companies [Section 172] Income of persons leaving India with no intention of returning back to India [Section 174] Association of Persons (AOP) / Body of Individuals (BOI) / Artificial Juridical Person (AJP) formed for a particular purpose likely to be dissolved in the same year of formation [Section 174A] Cases of transfer of assets with a view to avoid tax [Section 175] Income of a discontinued business [Section 176]