Section 40(1) in The Karnataka Value Added Tax Act, 2003
(1)An assessment under Section 38 or re-assessment under Section 39 of an amount of tax due for any prescribed tax period shall not be made after the following time limits.-(a)five years after the end of the prescribed tax period; or(b)three years after evidence of facts, sufficient in the opinion of the prescribed authority to justify making of the re-assessment, comes to its knowledge, whichever is later.
