Determiation of Annual Valuation withi11 notified station areas

Determination of Annual Valuation within notified station areas :

1. (1) Notwithstanding anything contained in any other law for the time being in force for the purpose of assessment to the annual value of any land or building situated in any notified station area shall be deemed to be the annual rent including service charges, if any, at which such land or building might at the time of assessment be reasonably expected to let from year to year, less an allowance of ten percent for the cost of repairs and other expenses necessary to maintain such land or building in a state to command such gross rent : Provided that while determining the annual value in the case of any land or building or portion thereof exclusively used by the owner for his own residential purposes, the gross annual rent of such land or building or portion, as the case may be, shall be reduced.
2. (2) The annual value as determined under this section shall be rounded off to the nearest ten rupees.