Section 114(1) in The Maharashtra Municipal Councils, Nagar Panchayats And Industrial Townships Act, 1965
(1)In order to fix rateable value of any building or land assessable to a property tax, there shall be deducted from the amount of rent for which such building or land might reasonably be expected to let, or for which it is actually from year to year, whichever is greater, a sum equal to ten per centum of the said annual rent, and the said deduction shall be in lieu of all allowances for repairs or on any other account whatever:[Provided that, the State Government may prescribe the manner to determine the amount of rent for which any building or land might reasonably be expected to let, in order to fix the rateable value of any such building or land assessable to a property tax.] [This proviso was substituted by Maharashtra 21 of 1996, Section 2.]
