Annual value of holding :- (1) The annual value of a holding shall be

¹ Omitted by the Orissa Act 16 of 1968, w.e.f. 01.08.1968.

deemed to be the gross annual rental, at which the holding may reasonably be expected to let, less a deduction, in case of buildings, only, [fifteen per cent] of such annual rent

² Substituted by ibid.

³ Substituted by the Orissa Act 20 of 1968, w.e.f. 27.09.1968.

(EA THE ORISSA MUNICIPAL MANUAL and the said deduction shall be in lieu of all allowance of repairs or in any other account whatsoever.

1. (2) if there be on the holding a building or buildings, the actual cost of erection of which can be ascertained or estimated and which is or are not intended for letting or for the residence of the owner himself, the annual value of such holding shall be deemed to be an amount which may be equal to , but not exceed, seven and a half per centum on such cost in addition to a reasonable ground rent for the land comprised in the holding. 1p x),
2. (3) The value of any machinery or furniture which may be on a holding shall not be taken into consideration in estimating the annual value of such holding under this section.