Section 119(c) in The City of Nagpur Corporation Act, 1948
(c)the annual value of any building, the gross annual rent of which cannot be determined under clause (b), shall be deemed to be [eight and a quarter per cent] on the sum obtained by adding the estimated present cost of erecting the building, less any amount which the [Commissioner] may deem it reasonable to deduct for depreciation, to the estimated market value of the land valued with building as part of the same premises and (ii) when a building is occupied by an owner under such exceptional circumstances to render excessive valuation of [eight and a quarter per cent.] on the cost of erecting the building, less depreciation, a lower percentage may be taken.
