(1)Notwithstanding anything contained in the West Bengal Premises Tenancy Act, 1956 (West Ben Act XII of 1956). or in any other law for the time being in force, for the purpose of assessment of the property tax, the annual value of a holding comprising land or building shall be deemed to be the gross annual rent including service charges, if any, at which such land or building might, at the time of assessment. be reasonably expected to let from year to year, less an allowance of ten percent [***] [Words 'of such annual value omitted by the West Bengal Act 13 of 1995, w.e.f. 5.9.1995.] for the cost of repairs and other expenses necessary to maintain such land or building in a state to command such gross rent.
