(1)[ "annual value" means - [Substituted by Punjab Amending Act 11 of 1994.](a)in the case of land or building which is in the occupation of a tenant, the gross annual rent at which the land or building has actually been let:Provided that in the event of increase in the rent, the Committee may make corresponding increase in the annual value :Provided further that where the land or building has been let by the owner to any of his relations, and the Committee is of the opinion that the rent fixed does not represent the true rent, the rent fixed under the agreement of lease shall not be taken into consideration and the annual value shall be determined in accordance with the principles contained in clause (b);(b)in the case of land or building which is occupied by the owner, the annual value shall be five per cent on the sum obtained by adding the present market value of the land and estimated cost of erecting the building less ten per cent depreciation :Provided that in the calculation of annual value of any land and building, no account shall be taken of the furniture or machinery thereon ;(c)in the case of any land on which no building has been erected but on which a building can be erected, and on any land on which a building is in the process of erection, the annual value shall be fixed at five per cent of the estimated market value of such land ;(d)in the case of any land on which no building has been erected but on which a building can be erected, or which is partially built and is being used by erecting tents, temporary structures for the purpose of accommodating marriage parties, circus shows or for any entertainment purposes or such other purpose as may be specified in this behalf by the Committee with the previous sanction of the State government the annual value shall be twenty per cent of the estimated market value of such land;]
