No assessment after five years:

(1) No assessment under Section 36 or 37 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.

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