(4)[ When an instrument is brought to the Collector for adjudication,-(i)within one month of the execution or first execution of such instrument in the State; or(ii)if, such instrument is executed or first executed, out of the State, within three months from the date of first receipt of such instrument in this State,the person liable to pay the stamp duty under section 30 shall pay the same within sixty days from the date of service of the notice of demand in respect of the stamp duty adjudicated by the Collector. If such person fails to pay the stamp duty so demanded within the said period, he shall be liable to pay a penalty at the rate of two per cent of the deficient portion of the stamp duty, for every month or part thereof, from the date of execution of such instrument, or as the case may be, date of the first receipt of such instrument in the State] [Sub-section (4) was added by Maharashtra Tax Laws (Levy, Amendment and Validation) Act , 1997, Maharashtra 30 of 1997, Section 2(b), (w.e.f. 15-5-1997).][Provided 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 2(b), (w.e.f. 1-5-2001.]
