Indian Stamp Act — Section 47

47-A. Instruments under-valued how to be dealt with.— (1) If the registering officer appointed under the Indian Registration Act, 1908, while registering any instrument transferring any property, has reasons to believe that the value of the property or the consideration, as the case may be, has not been truly set forth in the instrument, he may, after registering such instrument, refer the same to the Collector for determination of the value or consideration, as the case may be, and the proper duty payable thereon. (2) On receipt of a reference under sub-section (1) the Collector shall, after giving the parties a reasonable opportunity of being heard and after holding an enquiry in such manner as may be prescribed by rules made under this Act, determine the value or consideration and the duty as aforesaid and the deficient amount of duty, if any, shall be payable by the person liable to pay the duty.

(3) Any person aggrieved by an order of the Collector under sub-section (2) may, within thirty days from the date of the order, prefer an appeal before the District judge and all such appeals shall be heard and disposed of in such manner as may be prescribed by rules made under this Act.

[Vide Orissa Act 35 of 1962, s. 2]

Orissa

Amendment of Section 47-A.— In section 47-A of the Principal Act, for sub-sections (1), (2) and

(2-a), the following sub-sections shall be substituted, namely:

“(1) Where the registering officer under the Registration Act, 1908 (16 of 1908), while registering any instrument of conveyance, exchange, gift, partition or settlement has reason to believe that the market value of the property which is the subject matter of such instrument has not been truly set forth in the instrument, he may, after registering such instrument, refer the matter to the Collector for determination of the market value of such property and the proper duty payable thereon.

(2) On receipt of a reference under sub-section (1), the Collector shall, after giving the parties an opportunity of making their representations and after holding an enquiry in such manner as may be

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prescribed by rules made under this Act, determine the market value of the property which is the subject matter of such instrument, and the duty as aforesaid and the deficient amount, if any, shall be payable by the person liable to pay the duty.

(2-a) The Collector may suo motu within two years from the date of registration of such instrument, not already referred to him under sub-section (1), call for and examine the instrument for the purpose of satisfying himself as to the correctness of the market value of the property which is the subject matter of such instrument and the duty payable thereon and if after such examination, he has reason to believe that the market value of such property has not been truly set forth in the instrument, he may determine the market value of such property and the duty as aforesaid in accordance with the procedure provided for in sub-section (2) and the deficient amount of duty , if any, shall be payable by the person liable to pay the duty”. [Vide Orissa Act 7 of 1987, s. 6] Tripura

In the Indian Stamp Act, 1899 as in force in the State of Tripura, after section 47, the following new

section shall be inserted namely: —

“47A” Instruments of conveyance etc. undervalued, how to be, dealt with :—(1) If the Registering Officer appointed under the Indian Registration Act, 1908 (Central Act XVI of 1908), while registering any instrument of conveyance, exchange, gift or partition, has reason to believe that the value of the property which is the subject matter of the instrument, as has been set forth therein is lower than the market value thereof and proper duty has not been paid he may, after registering such instrument, refer the same to the Collector for determination of the market value of such property and the proper duty payable thereon.

(2) On receipt of a reference under Sub-Section (1), the Collector shall, after giving the parties a reasonable opportunity of being heard and after holding an enquiry in such manner as may be prescribed by rules made under this Act, determine the market value of such property and the proper duty payable thereon and then return the instrument to the Registering Officer after making and endorsement over his signature thereon indicating the market value of the property so determined and deficient amount of duty, if any, that shall be payable by the person liable to pay the duty.

(3) The Collector may, within a period of two year from the date of registration of any instrument of conveyance, exchange, gift or partition, not already sent to him under sub-section (I), call for as examine the instrument for the purpose of satisfying himself as to the correctness of the market value of the property which is the subject matter of such instrument and the duty paid thereon and if after such examination, he has reasons to believe that the market value of such property has not been truly set forth in the instrument and the proper duty has not been truly set forth in the instrument and the proper duty has not been paid, he may determine the market value thereof and the proper duty payable thereon in accordance with the provision of sub-section (2). The difference, if any between the duty determined by the Collector and the duty already paid shall be payable by the person liable to pay the duty on the instrument:

Provided that nothing in this sub-section shall apply to any instrument registered before the date of

the commencement of the Indian Stamp (Tripura Third Amendment) Act, 1984.

(4) Any person aggrieved by an order of the Collector under sub-section (2) or sub-section (3) may appeal to the appellate authority specified in sub-section (5), All such appeals shall be preferred within such time, and shall be heard and disposed of in such manner, as may be prescribed by rules made under this Act.

(5) The State Government shall, by a Notification in the Official Gazette, appoint a person not

below the rank of a Secretary of any Department to be the appellate authority referred to in sub-section (4).

(6) The amount of deficient duty, if any, shall be paid by deposit into Government Treasury by the person, liable to pay the duty, within a period of thirty days from the date of Notice in this behalf from

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the Registering Officer and in case of default in payment, such amount shall be recovered as arrears of land revenue.

Explanation: For the purpose of the section the market value of any property shall be estimated to be the price which in the opinion of the Collector or the appellate authority, as the case may be, such property would have fetched, if sold in the open market on the date of execution of the instrument of conveyance, exchange gift or portion.

[Vide Tripura Act 2 of 1986, s. 2]

Meghalaya

Insertion of new Section 47A in Act 11 of 1899.—In the Indian Stamp Act,1899 after the

existing Section 47, the following new Section as Section 47A, shall be inserted, namely:--

“47A. Instruments under-valued how to be dealt with.—(1) If registering officer appointed under the Indian Registration Act, 1908, while registering any instrument transferring any property, has reason to believe that the value of the property or the consideration, as the case may be has not been truly set forth in the instrument, he may, after registering such instrument, refer the same to the Deputy Commissi