Judgment

VENKATARAMIAH, J. :- What should be the true multiplier to be adopted in determining the compensation payable in respect of land acquired in or about the year 1962-63 where the market value of the land is to be fixed on the basis of the capitalisation principle is the question which arises for consideration in these appeals.

2. The construction of the Beas Project was commenced in the year 1960 as a joint venture of the erstwhile State of Punjab and the State of Rajasthan by mutual agreement between the two States. All decisions on the policy and administrative matters were taken by a Board known as the Beas Control Board which was set up by the Central Government in consultation with the two States on February 19, 1961. The Beas Project Board was presided over by the Governor of the then State of Punjab and its members included Ministers of the States of Punjab and Rajasthan and senior officers of the Central Government and of the two States. The decisions of the Beas Control Board used to be implemented by the Punjab Government which was administering and executing the works on the Project. The expenditure on the Project was shared by the Rajasthan Government.

3. With the c