Payment of amount for acquisition of property

The amount payable in respect of the acquisition of any moveable property shall be the controlled price of the property, that is to say, the price fixed by an order under any law for the time being in force: Provided that, in respect of the property the price of which is not controlled or which is not new, the amount shall not exceed the price which would have been paid for its replacement on the date of the acquisition, reduced by a sum equal to the depreciation of the property, calculated in the manner and at a rate not exceeding thirty per cent per annum as may be prescribed. Explanation.—In arriving at the price which would have been paid for the replacement of the property, no account shall be taken of any appreciation in the value thereof, after the date of requisition: Provided further that the owner of the property or any other person interested shall have the right to appeal to the Commissioner within a period of thirty days of the receipt of the order of competent authority determining the amount payable in respect of acquisition of the property, or within such further period as the Commissioner may, for sufficient cause, allow, in such form and manner as may be prescribed: Provided further that where an agreement has been reached between the competent authority and the owner of the property or any other person interested therein, the amount agreed to shall, irrespective of its quantum, be payable, unless it is revised by the Government after giving to the owner of the property or any other person interested therein a reasonable opportunity of being heard.