(1)When a copy of an instrument is sent to the Collector under section 38, sub-section (1), he may, if he thinks fit, [* * *] [The words "upon application made to him in this behalf or, if no application is made, with the consent of the Cheif Controlling Revenue-authority" omitted by Act 4 of 1914, Section 2 and Sch.] refund any portion of the penalty in excess of five rupees which has been paid in respect of such instrument
