Income escaping assessment.(1) If for any reason agricultural income chargeable to tax under this Act has escaped assessment in any financial year or has been assessed at too low a rate, the Agricultural Income tax Officer may, at any time within three years, of that end of that year serve on the person liable to pay the tax or in the case of a company on the principal officer thereof a notice containing all or any of the requirements which may be included in a notice under sub section (2) of section 17 and may proceed to assess or re assess such income and the provisions of this Act shall so far as may be, apply accordingly as if the notice were a notice issued under that sub section; Provided that the tax shall be charged at the rate at which it would have been charged if such income had not escaped assessment or full assessment, as the case may be; Provided further that the Agricultural Income tax Officer shall not issue a notice under this sub section unless he has recorded his reasons for doing so.