RAJENDRA NATH MITTAL, J.

1. Briefly the facts are that the petitioner is a Public Limited Company and is manufacturing steel ingots and other alloy and mild steels. It is the owner of property No. B-XXX/939 located at Focal Point, Ludhiana which is in its self-occupation. No part of the building has been let out to anyone. The Municipal Corporation (hereinafter called "the Corporation") in 1973-74 assessed the rateable value of the building at Rs. 1,25,460.00 on which the amount of tax came to Rs. 15,795/-. From 1975 to 1977 the Corporation maintained the same rateable value of the building and assessed the same amount of tax as was done by it in 1973-74. In 1977-78 the rateable value of the building was proposed to be enhanced to Rs. 2,29,99/- by the Corporation. The petitioner filed objections against the proposed rateable value. It is alleged that the matter was compromised between the parties and the building was assessed at rateable value of Rs. 1,30,000.00 .

2. In the year 1980-81 the petitioner was served with a notice on behalf of the Corporation that the rateable value of the property was proposed to be enhanced to Rs. 2,61,700.00 under Sec.103 of the Punjab Munici