(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.]
