59. Annual value of properly vested in Commissioner how to be ascertained.-
For the purposes of municipal assessment, the annual value of the properly vested in the Commissioners within the municipal limits of Calcutta shall be ascertained in the following way:-(1)The aggregate expenditure incurred in the construction of all docks, wharves, quays, stages, jellies, piers and other works belonging to the Commissioners; also in the purchase of land; also in the construction of offices, warehouse and Other buildings belonging to them within the limits of Calcutta, as defined by the Calcutta Municipal Consolidation Act, 18881 (Ben. Act II of 1888), shall be determined.(2)Expenditure incurred in procuring or putting up machinery shall not be included in such aggregate expenditure.(3)Expenditure incurred from time to time on account of repairs necessary to maintain any works or buildings in good order shall not be included in such aggregate expenditure.(4)Expenditure for the purpose of materially adding to, or improving, any work or building shall be included in such aggregate expenditure.(5)Five per cent. on the aggregate expenditure determined in the manner herein before provided shall be the annual value of the rateable property of the Commissioners, within the meaning of section 122 of the Calcutta Municipal Consolidation Act, 1888.1
