Amendment status not verified — confirm the current text below against the official source.
The amount payable in respect of the acquisition of any moveable Payment of property shall be the controlled price of the property, that is lo say, the price aumount fot Iixed by an order under any law lor the time being in lorce i acquisition of property PUNJAB GOVT GAZ, (EXTRA), NOV , 17, 1978 17 (KARTIKA 26, 1900 SAK4) or - - mn ema at seme mn Tema #4 6. The amount payable i respect of requisitioned moveab e property, Daymens of : i icles 255 shi tthe . s {0 ing i .__ amo including vehicles and ves sels, shall be the sum total oi the following items: I property, (i) interest on the cost a which the owner had calculated in a manner and at or above SIX per cent, per purchased the property arate. not being below th ee per cent anitum, that may be prescribed : Provided that where the property has been obtained by the owner as a gift or its cost cannot be established by him to the satisfaction of the competent authority or its cos: exceeds the current replace- ment price of the property, the currant price of the same property Or property which, in the opinion of the competent authority, is substantially similar to it, shall be taken to be its cout : (ii) an amount representing depreciation of (fe property during the period ol its requisition calculated at a rate not exceeding thirty per cent per annum and in a manner that may be spec fied by the Government by a general or special order for any clos; of property; (iif) an amount for the loss of the use of that might have been earned but for the requisition, at sych percent- age, not being less than three, per annum, as ma y be prescribed, of the cost referred to in item (i) above as reduced by depreciation calculated at the same rate as for item (ii) above in such manner and for such period as may be so prescribed the property or of any profits (iv) any further amount that the Government may by general or special order specify : Provided that in the case of property for which the full consideration due under a hire-purchase agreement has not been paid, so much of the amount as relates to items (iii) and (iv) above shall be payable to the hirer and the balance representing items (7) and (ii) above shall be made over to the financier till he receives the full consideration and this provision shall over-ride any terms to the contrary in the hire-purchase agreement Provided further that if during the period of requisition the property is damaged otaerwise than by norraal wear and tear or lost at a time when it is no: insured, there shall be paid to the ower an additional amount equzl to the cost of making good the dun ag: or, in the case of a total loss, an amount that would have been pioyable if the property had been acquired on the date of th: loss, sich amount being determined in the manner set out in section 7 : 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 of thirty days the receipt of (he order of the competent authority determining the amount pavable in respect 27 of requisitioning of the property, or within such {yr(her period ... asthe Commissioner may for sufficient cause, allow, in such form © and manner as may be prescribed,