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] [These words were substituted for the words 'five per cent' by Maharashtra 13 of 1992, Section 19(b).] on the sum obtained by adding the estimated present cost of erecting the building, less any amount which the [Commissioner] [These words were substituted for the words 'Chief Executive Officer' by Bombay 79 of 1958, Section 3, Schedule.] 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.] [These words were substituted for the words 'five per cent' by Maharashtra 13 of 1992, Section 17(c).] on the cost of erecting the building, less depreciation, a lower percentage may be taken.
