After Section 47 of the Indian Stamp Act, 1899 (2 of 1899) (hereinafter referred to as the principal Act); the following new section shall be inserted, namely :
"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 attar 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 Subsection (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.
#LawyerServices #Section #Act #Law #Statute #IndianLaw #Kanoon