32A. [ Instrument of conveyance, etc. undervalued how to be dealt with. - (1) Every instrument of conveyance, exchange, gift, certificate of sale, deed of partition or power of attorney to sell immovable property when given for consideration, deed of settlement or transfer of lease by way of assignment, presented for registration under the provisions of Registration Act, 1908, shall be accompanied by a true copy thereof:
Provided that, in case of such instruments executed on or after the 4th July 1980, to the date of commencement of the Bombay Stamp (Amendment) Act, 1985, an extract of the instrument to be taken from the registration record shall be deemed to be the true copy accompanying the instrument, presented for registration for the purposes of sub-section (1).] [Section 32A shall be deemed to have been substituted with effect from the 4th July 1980 by Maharashtra 27 of 1985, Section 19.](2)[ Any registering officer receiving such instrument for registration has reason to believe, on the basis of the information available with him in this behalf, that the market value of immovable property which is the subject matter of such instrument has not been truly set forth therein, he shall, immediately after receiving of such instrument, refer it to the Collector for determination of the true market value of such property:Provided that, in respect of the instrument presented for registration before the date of commencement of the Maharashtra Tax Laws (Levy, Second Amendment and Validation) Act, 1996 where, in the opinion of the registering officer, the true market value of the immovable property, which is the subject matter of the said instrument, has not been determined by the Collector of the District, it shall be lawful for the registering officer to verify the true market value of such property as per the annual statement of rates of immovable property determined under the Bombay Stamp (Determination of True Market Value of Property) Rules, 1995 and issue notice to the person, who is liable to pay stamp duty under section 30 calling upon such person to pay the deficit amount of stamp duty and penalty at the rate of 2 per cent of the deficient portion of the stamp duty, for every month or part thereof from the date of execution of such instrument:Provided further that, on the receipt of such notice, if the person liable to pay deficit amount of stamp duty and the penalty, pays within one month from the date of receipt of such notice, the deficient amount of stamp duty and also pays the fixed penalty of rupees two hundred fifty, he shall not be liable to make payment of penalty at the rate of 2 per cent., as provided in the first proviso; and the reference already made to the Collector of the District shall abate:Provided also that, in no case, the amount of the penalty to be charged under the proviso shall exceed double the deficit portion of the stamp duty.] [Sub-section (2) was substituted by Maharashtra 13 of 2004, Section 4, (w.e.f. 1-7-2004).](3)If any person referred to in section 33, before whom any such instrument is produced or comes in the performance of his functions, has reason to believe that the market value of the immovable property which is the subject matter of such instrument has not been truly setforth therein, he may, after performing his function in respect of such instrument, refer the instrument alongwith a true copy of such instrument to the Collector of the District for determination of the true market value of such property and the proper duty payable on the instrument.[Provided that if the person, before whom any such instrument is produced or comes in performance of his functions, is an officer appointed as the Collector under clause (f) of section 2, and he has reason to believe that the market value of the immovable property which is the subject matter of such instrument has not been truly set-forth therein, he shall, for the purpose of assessing the stamp duty, determine the true market value of such property in the manner laid down in the Bombay Stamp (Determination of True Market Value of Property) Rules, 1995] [This proviso was added by Maharashtra Tax Laws (Levy, Amendment and Validation) Act 30 of 1997, Section 3(b) (w.e.f. 15.5.1997).];(4)On receipt of the instrument or the true copy of the instrument as the case may be, under sub-section (2) or (3), the Collector of the District shall, after giving the parties concerned a reasonable opportunity of being heard and in accordance with the rules made by the State Government in that behalf, determine the true market value of the immovable property which is the subject matter of the instrument and the proper duty payable thereon. Upon such determination, the Collector of the District shall require the party liable to pay the duty, to make the payment of the amount required to make up the difference between the amount of duty determined under this sub-section and the amount of duty already paid by him and shall also require such party to pay in addition, [a penalty [of 2 per cent for every month or part thereof] [These words were substituted for the words 'a penalty of rupees two hundred and fifty in respect of the instruments executed upto the 28th February 1990, and rupees two hundred and fifty plus 15 per cent for each year or part of the year, on the differential amount on the instrument executed on or after the 1st March 1990' by Maharashtra 9 of 1997, Section 9(b)(i), (w.e.f. 15.9.1996).] from the date of execution of the instrument on differential amount of stamp duty]; and on such payment, the instrument received under sub-section (2) or (3) shall be returned to the officer or person referred to therein:Provided that, no such party shall be required to pay any amount to make up the difference or to pay any penalty under this sub-section, if the difference between the amount of the market value as setforth in the instrument and the market value as determined by the Collector of the District does not exceed ten per cent, of the market value determined by the Collector of the District:[Provided further that, in respect of references pending with the Collector of the District, before the commencement of the Maharashtra Tax Laws (Levy Second Amendment and Validation) Act, 1996, for determination of true market value of the immovable property which is the subject matter of the instrument, the person liable to pay the stamp duty under section 30 shall not be liable to pay penalty exceeding rupees 250 if, he makes the payment of the stamp duty and penalty within one month from the date of receipt of the order of the Collector of the District, by him] [[This proviso was substituted by Maharashtra 9 of 1997, Section 9(b)(ii), (w.e.f. 15.9.1996). Prior to substitution proviso read as under :-Provided further that, the provisions of this sub-section, as amended by the Maharashtra Tax Laws (Levy and Amendment) Act, 1993 (Maharashtra 17 of 1993) in so far as they relate to the payment of penalty, shall not apply to the references finalised by the Collector before the date of commencement of the said Act.]].[Provided also that, in no case, the amount of the penalty shall exceed double the deficient portion of the stamp duty.] [This proviso was added by Maharashtra 22 of 2001 Section 3(b), (w.e.f. 1-5-2001.](5)The Collector of the District, may, suo motu or on receipt of information from any source, within [ten years] [These words were substituted for the words 'eight years' by Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 30 of 1997, Section 3(d) (w.e.r. 15.5.1997).] from the date of registration of any instrument referred to in sub-section (1), (not being the instrument upon which an endorsement has been made under section 32 or the instrument or the instruments in respect of which the proper duty has been determined by him under sub-section (4) or an instrument executed before the 4th July 1980), call for the true copy or an abstract of the instrument from the registering officer and examine it for the purpose of satisfying himself as to the correctness of the market value of the immovable 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 and fully set forth in the instrument he shall proceed as provided in sub-section (4).(6)[ It shall be lawful for the Chief Controlling Revenue Authority or the Collector of the District to transfer to any other Officer, any reference received by the Collector of the District under this section, for disposal in accordance with the Bombay Stamp (Determination of True Market Value of Property) Rules, 1995.] [[Sub-section (6) was substituted by Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 30 of 1997, Section 3(e), (w.e.f. 15.5.1997). Prior to substitution sub-section (6) which was inserted by Maharashtra 18 of 1989, w.e.f. 1.12.1989 read as under:-(6)ft shall be lawful for the Collector of the District to transfer any reference received by him under sup-section (3) of section 31 or under this section for determination of the true market value of the immovable property which is the subject matter of the instrument and the property duty payable thereon, for disposal in accordance with the provisions of sub-section (3) of section 31 or, as the case may be, this section, to the Additional Collector of the District, if any or any other officer in his District not below the rank of-(i)Tahsildar,(ii)Town Planner brone on the cadre of the Director of Town Planning, Maharashtra State, or,(iii)Joint District Register appointed under the Registration Act, 1908 as the State Government may, from time to time, by general or special order in the Official Gazette, specify.]]
