Power to assess in case of escape from assessment

Power to assess in case of escape from assessment : If for any reason, any person liable to pay any of the taxes or fees leviable under this Act has escaped assessment for any financial year, the assessing authority may, at any time within three years from the date on which such person should have been assessed, serve on such person a notice, in the prescribed form, and may proceed to assess or re-assess and demand payment thereof.