Amendment status not verified — confirm the current text below against the official source.
Where the annual value of any multi-storeyed building or part thereof has been computed by a municipal corporation or a municipality or any other local authority under the provisions of any law for the time being in force for the purposes of levying municipal or local tax, that computation divided by the covered space of such multi-storeyed building or part thereof, as the case may be, shall be the annual value for the purposes of this Act and if such computation has not been made, the annual value shall be deemed to be the gross annual rent at which the multi- storeyed building or part thereof might be reasonably expected to let from year to year less an allowance of ten per cent. for the cost of repairs and for all other expenses necessary to maintain the building or part thereof in a state to command such gross rent divided by the covered space of such multi-storeyed building or part thereof, as the case may be.