19. Escaped assessment.-

(1) If in consequence of an information which has come to the knowledge of the Assessing Authority, due to which any amount is found under assessed or unassessed in any way under section 17 or section 18 of this Act, the assessing authority shall on the basis of the material on record or after making such enquiry as it may consider necessary, complete such escaped assessment. (2) No notice under sub–section (1) shall be issued after the expiry of five years, and no assessment under this section shall be made after the expiry of eight years, from the end of the relevant year. (3) The assessment, if any, already made shall be subject to the assessment made under this section.