Period of guarantee.

Bombay City (Inami And Special Tenures) Abolition And Maharashtra Land Revenue Code) (Amendment) Act, 1969

Tax196924 sections

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Statutory text

(1) Notwithstanding any alteration in the bank rate of interest referred to in section 262A, or the revision of the standard rate of assessment, the assessment fixed in respect of any land under this Chapter shall remain in force for a period of fifty years from the date on which it is fixed, (such period being called ‘the period of guarantee’).
(2) On the expiry of the period of guarantee, the assessment shall be liable to revision; and the foregoing provisions of this Chapter, shall so far as may be, apply to such revision.
(3) Until the assessment is so revised, the assessment made shall continue in force notwithstanding the expiry of the period of guarantee.”. 4. In section 271—
(1) for the words and figures “subject to the provisions of section 274” the words, brackets, figures and letter “subject to the provisions of sub-sections
(4) and
(5) of section 262B and section 274” shall be substituted;
(2) after the words “make an appeal before” the words “the State Government, or as the case may be,” shall be inserted. 5. In section 272—
(1) after the words “filing an appeal before” the words “the State Government, or as the case may be,” shall be inserted;
(2) after the words “the Collector”, where they occur for the first time, the words “, the State Government” and after the words “the Collector” where they occur for the second time, the words “, of the State Government” shall be inserted. 6. In section 274, for the words “An appeal” the words, brackets, figures and letter “Except as provided in sub-sections
(4) and
(5) of section 262B, an appeal” shall be substituted.

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