43. Collector's power to stamp instruments impounded. -
(1)When the Collector impounds any instrument under Section 38, or receives any instrument sent to him under sub-section (2) of Section 42, not being a receipt, or a bill of exchange or a promissory note, he shall adopt the following procedure: -(a)if he is of opinion that such instrument is duly stamped, or is not chargeable with duty, he shall certify by endorsement thereon that it is duly stamped, or that it is not so chargeable, as the case may be;(b)if he is of the opinion that such instrument is chargeable with duty and is not duly stamped, he shall require the payment of the amount required to make up the deficiency together with a penalty of an amount not exceeding four times the amount of deficient portion of the proper duty:Provided that, when such instrument has been impounded only because it has been written in contravention of Section 18 or Section 19, the Collector may, if he thinks fit, remit the whole penalty prescribed by this section:Provided further that no penalty shall be levied unless the party concerned has been given a reasonable opportunity of being heard.(2)The Collector shall also require, along with the amount of deficit stamp duty or penalty required to be paid under clause (b) of sub-section (1), the payment of a simple interest at the rate of one per cent per mensem on the amount of deficit stamp duty calculated from the date of execution of the instrument till the date of actual payment:Provided that the amount of interest under this sub-section shall be recalculated if the amount of deficit stamp duty is varied on appeal or revision or by any order of a competent Court or Authority.(3)The amount of interest payable under sub-section (2) shall be added to the amount due and be also deemed for all purposes to be part of the amount required to be paid.(4)Where realization of the deficit stamp duty remained stayed by any order of any Court or Authority and such order of stay is subsequently vacated, the interest referred to in sub-section (2) shall be payable also for any period during which such order of stay remained in operation.(5)Any amount paid or deposited by, or recovered from or refundable to any person under the provisions of this Act, shall first be adjusted towards the deficit stamp duty or penalty outstanding against him and the excess, if any, shall then be adjusted towards the interest, if any, due from him.(6)Every certificate under clause (a) of sub-section (1) shall, for the purposes of this Act, be conclusive evidence of the matter stated therein.(7)Where an instrument has been sent to the Collector, under sub-section (2) of Section 42, the Collector shall, when he has dealt with it as provided by the section, return it to the impounding officer.
