(1) A tenant who has made any improvement on the land held by him, other than what he is bound to do under this Act, shall, if his tenancy is terminated under the provisions of this Act, be entitled to compensation for such improvement the amount of which shall, on application made by by the tenant in the prescribed form, be determined by the Tribunal in accordance with the provisions of sub-section (2).
(2) The amount of compensation shall be the value of the improvement at the time of the termination of the tenancy estimated with due regard to:
(a) the amount by which the value of the land is increased by the improvement;
(b) the condition of the improvement as at the time of application and the probable duration of its effect;
(c) the labour and capital provided or spent by the tenant for the making of the improvement; and
(d) any reduction or remission of rent or other advantage allowed to the tenant by the landlord in consideration of the improvement.