“market value”, in respect of agricultural produce, means—

(a) where such produce is ordinarily sold in the market in its raw state or after application to it of any process employed by a cultivator to render it fit to be taken to the market, the value computed according to the average price at which it has been sold during the year previous to that in which the income derived from such produce first becomes assessable; and

(b) where such produce is not ordinarily sold in the market in its raw state, the aggregate of—

(i) the expenses of cultivation;

(ii) the land development tax or rent paid for the lands in which it was grown; and

(iii) such amount as the Deputy Commissioner of Taxes finds, having regard to the circumstances of each case, to represent a reasonable rate of profit on the sale of the produce in question as agricultural produce;