(1)Notwithstanding anything in the [Land] [This Act has been repealed by Central Act No.30 of 2013.] Acquisition Act, 1894 (Central Act 1 of 1894), the amount payable as compensation in respect of land acquired under this Act shall be an amount equal to twenty times the net average annual income actually derived from such land during the period of five consecutive years immediately preceding the date of notification under section 22-A.(2)The net average annual income referred to in sub-section (1) shall be calculated in the manner and in accordance with the principles set out in the succeeding sub-sections.(3)The net average annual income shall be one-fifth of the gross rent actually derived by the owner from the land acquired and buildings if any, thereon, during the period of five consecutive years after deducting municipal taxes, revenue charges and cost of repairs for the said period of five years from such gross rent.(4)The gross rent shall be determined by the Land Acquisition Officer by local enquiry, and, if necessary, by obtaining certified copies of extracts from the property tax assessment books of the local authority concerned showing the rental values of such lands or buildings.(5)Where there are trees on the land acquired, the Land Acquisition Officer shall take into account the income, if any, actually derived by the owner from such trees during the said period of five years.(6)If the land or buildings thereon remained unoccupied, or the owner has not been in receipt of any rent for the occupation of such land or buildings during the whole or any part of the said period of five years, the gross rent shall be taken to be the income which the owner would in fact have derived if the land or buildings had been leased out or given for rent during the relevant period, and, for this purpose, the income actually derived from similar lands or buildings in the vicinity shall be taken into account.Explanation. - In this section, 'building' includes a house, out-house, shed, hut and any other such structure, whether of masonry, bricks, wood, mud, metal or any other material whatsoever.
