(2)For the purposes of sub-rule (1) "market value" shall be deemed to be :-(a)where agricultural produce is ordinarily sold in the market in its raw state, or after application to it of any process ordinarily employed by a cultivator or receiver of rent-in-kind to render it fit to be taken to market, the value calculated according to the average price at which it has been so sold during the relevant previous year;(b)where agricultural produce is not ordinarily sold in the market in its raw state or after application to it of any process aforesaid, the aggregate of-(i)the expenses of cultivation;(ii)the land revenue or rent paid for the area in which it was grown; and(iii)such amount as the Assessing Officer finds, having regard to all the circumstances in each case, to represent a reasonable profit.
