For the purposes of this Chapter, "annual value" means(a)in the case of railway stations, hotels, colleges, school hospitals, factories and any other buildings which [Board] [Substituted by Act 24 of 1936, s.69, for "Cantonment Authority"] decides to assess under this clause, one twentieth of the sum obtained by adding the estimate present cost of erecting the building to the estimate value of the land appertaining thereto, and(b)in the case of a building or land not assessed under clause (a), the gross annual rent for which such building (exclusive of furniture or machinery therein) or such land is actually let or, where the building or land is not let or in the opinion of the [Board] [Substituted by Act 24 of 1936, s.69, for "Cantonment Authority"] is let for a sum less than its fair letting value, might reasonably be expected to let from year to year:Provided that, where the annual value of any building is by reason of exceptional circumstances, in the opinion of the [Board] [Substituted by Act 24 of 1936, s.69, for "Cantonment Authority"] excessive if calculated in the aforesaid manner, the [Board] [Substituted by Act 24 of 1936, s.69, for "Cantonment Authority"] may fix the annual value at any less amount which appears to it to be just.
