¹[123C. Revision of assessment.—(1) The Commissioner may cause any revision to be made at any time in the annual value of any vacant land or covered space of building or any portion thereof in the following cases, namely:--
        (i) where the nature of use changes; or
        (ii) where the nature of occupancy changes; or
        (iii) where a new building is erected or an existing building is redeveloped or substantially altered or improved during the period the annual value remains in force; or
        (iv) where, on an application made, in writing, by the owner or the person liable to pay the property tax, it is established that during the period the annual value is in force, such value has been reduced by reason of any substantial demolition or has suffered depreciation on account of any accident or any calamity proved to the satisfaction of the Commissioner to have been beyond the control of such owner or person; or
        (v) where any vacant land or covered space of building or portion thereof is acquired by purchase or otherwise by the ²[³[Government]] or the Government or ⁴[⁵[the Corporation]]; or
        (vi) where any vacant land or covered space of building or portion thereof is sold or otherwise transferred to the ²[³[Government]] or the Government or the Corporation; or
        (vii) where, upon the acquisition or transfer of a part of any vacant land or covered space of building, a residual portion remains; or
        (viii) where it becomes necessary so to do for any other reason to be recorded in writing.
    (2) Before making any revision of the annual value under sub-section (1), the Commissioner shall give any owner, person or occupier as a case may be, affected by such revision, notice of not less than 30 days that he proposes to make the revision and consider any objections which may be made by such owner, person or occupier.
    (3) Notwithstanding anything contained in sub-section (1), where the annual value of any vacant land or covered space of building—
        (i) has not, for any reason, been determined under this Act, the annual value of such vacant land or covered space of building, as the case may be, may be determined by the Commissioner at any time during the currency of the period of assessment in respect of such vacant land or covered space of building under section 116E or section 116F, as the case may be; or
        (ii) has been cancelled on the ground of irregularity, the annual value of such vacant land or covered space of building, as the case may be, may be determined by the Commissioner at any time after such cancellation; and such annual value of such vacant land or covered space of building, as the case may be, shall remain in force until a fresh valuation or revision is made.
    (4) Any revision of annual value of any vacant land or covered space of building or any portion thereof under this section shall be made with reference to the group into which such vacant land or covered space of building or part thereof is classified under section 116A, and the annual value fixed per unit area of such vacant land or covered space of building for that group shall be applicable.
    (5) Notwithstanding anything contained in the foregoing provisions of this section, no revision of the annual value of any vacant land or covered space of building under this section shall be made without giving the owner or the occupier of such vacant land or covered space of building a reasonable opportunity of being heard.
    (6) Where any revision of annual value of any vacant land or covered space of building is made under this section, the order of such revision shall be communicated to the owner or the occupier of such vacant land or covered space of building within ten days from the date of the order.
    (7) An appeal shall lie against an order under sub-section (6) to an officer appointed by the Government, if preferred by the owner, person or the occupier of such vacant land or covered space of building within forty-five days from the date of the receipt of the order.