Amendment status not verified — confirm the current text below against the official source.
(1) In preparing the Compensation Assessment Roll for every intermediary referred to in clause Compensation ( c) of sub-section (1) of section 31, the gross income of the intermediary shall be the average annual intermediaries gross income received (excluding any sum reviced by way of salami or premium) calculated on the erred to in section basis of the annual returns filed by such intermediary for the assessment of cess or income –tax during 1)( c). the period of eight agricultural years immediately preceding the agricultural year within which the date of vesting falls, or any shorter period for which such returns have been filed; and the net income shall be computed by deducting from the gross income so determined the average of the income-tax payable thereon during the said period and the cost of the collection at such rates as may be prescribed. (2) The Compensation Officer shall dewtermine the amount of compensation payable to the intermediary as aforesaid after taking into consideration his net income, the duration of the unexpired portion of the lease, and the opinion of a Mining Expert appointed by the State Government with regard to the extent of the mining operations carried on, the minerals obtained and the estimated quantity and value of the minerals not yet worked or operated, and as regards any other matter that may be prescribed . Where the intermediary has no estates or interests for which he is entitled to compensation payable to him shall be eight times the net income as calculated under this section. Where the intermediary has estaes or interests for which compensation is payable under Chapter III, the Compensation Officer shall calculated the total amount which would have been payable in accordance with the table contained in sub-section (1) 47 Page. …. 43. ( Chapter IV.____ Mines and Minerals,---- Sections 35, 36.) of section 17 as if the net income has been the aggregate of the net income calculated inn respect of the estates or interests for which compensation is payable under Chapter III and the net income calculated under this section; the Compensation Officer shall also calculate the total amount which would have been payable as compensation if compensation for estates and interests and compensation for mines and minerals and had been calculated separately; and the lesser of the two total amounts of compensation so calculated shall be the amount of compensation payable. ference to Mines