Basis for determination of amount

(1) The amount to which a person is entitled under section 15, in respect of any land acquired under this Act, shall be an amount equal to sixty times the net average monthly income actually derived from such land during the period of five consecutive years immediately preceding the date of publication of the notice referred to in section 14, such net average monthly income being calculated in the manner and in accordance with the principles set out in the Schedule. (2) The competent authority shall, after holding an inquiry in the prescribed manner, determine in accordance with the provisions of sub section (1) the amount payable in respect of the land, and publish a notice in the Gazette specifying the amount so determined and calling upon the owner of the land and every person interested therein to intimate to it before a date specified in the notice whether such owner or person agrees to the amount so determined and, if he does not so agree, what amount he claims to be the net average monthly income actually derived from the land. (3) The competent authority shall also serve notice to the same effect as is mentioned in sub-section (2) on the owner of the land and on all such persons known or believed to be interested therein or to be entitled to act for persons so interested, as reside or have agents authorised to receive service on their behalf, within the State. (4) Any person who does not agree to the amount determined by the competent authority under sub-section (2) and claims a sum in excess of that amount may prefer an appeal to the Collector within thirty days from the date specified in the notice referred to in that sub section. (5) Where an appeal is preferred under sub-section (4), the Collector shall, after hearing the appellant and after such further enquiry as may be necessary, pass such orders as he deems fit. (6) Any person who is aggrieved by an order passed by the Collector under sub-section (5) may prefer an appeal to the Board of Revenue within thirty days from the date of the order of the Collector, and the decision by the Board of Revenue on such appeal shall be final and shall not be questioned in any court of law. (7) Where there is any building on the land in respect of which the net average monthly income has been determined, no separate amount shall be paid in respect of such building: Provided that where the owner of the land and the owner of the building on such land are different, the competent authority shall apportion the amount between the owner of the land and the owner of the building in the same proportion as the market price of the land bears to the market price of the building on the date of acquisition.