(1) The amount payable in respect of any land acquired under this Act shall be an amount equal to ten times the net average income actually derived from such land during the period of five consecutive years immediately preceding the date of publication of the notice referred to in Section 13.
(2) The net average annual income referred to in sub-section (1) shall be calculated in the manner and in accordance with the principles set out in the Schedule.
(3) The competent authority shall after holding an inquiry in the prescribed manner, determine in accordance with the provision of sub-section (2) the net average annual income actually derived from the land and publish a notice in the Gazette specifying the amount so determined and calling upon the owner of the land and every person interested therein to intimate to it before a date specified in the notice whether such owner or person agrees to the amount so determined and if he does not so agree what amount he claims to be the net average annual income actually derived from the land.
(4) Any person who does not agree to the amount of the net average annual income determined by the competent authority under sub-section (3) and claims a sum in excess of that amount may prefer an appeal to the State Government within thirty days from the date specified in the notice referred to in that sub-section.
(5) On appeal the State Government shall, after hearing the appellant, determine net average annual income and its determination shall be final and shall not be questioned in any Court of law.
(6) Where there is any building on the land in respect of which the net average annual income has been determined no separate amount shall be paid in respect of such building :
Provided that where the owner of the land and the owner of the building on such land are different, the competent authority shall apportion the amount payable in lieu of deprivation of the right in land between the owner of the land and the owner of the building in the same proportion as the market price of the land bears to the market price of the building on the date of acquisition.