  Within the scope of an anisotropic Bianchi type-V cosmological model we have
studied the evolution of the universe. The assumption of a diagonal
energy-momentum tensor leads to some severe restriction on the metric
functions, which on its part imposes restriction on the components of the
energy momentum tensor. This model allows anisotropic matter distribution.
Further using the proportionality condition that relates the shear scalar
$(\sigma)$ in the model is proportional to expansion scalar $(\vartheta)$ and
the variation law of Hubble parameter, connecting Hubble parameter with volume
scale. Exact solution to the corresponding equations are obtained. The EoS
parameter for dark energy as well as deceleration parameter is found to be the
time varying functions. A qualitative picture of the evolution of the universe
corresponding to different of its stages is given using the latest
observational data.
