(4)[] [Renumbered sub-section (5) as sub-section (4) by Act No. XII of 2011, dated 25th April, 2011.] When an instrument is brought to the Collector for adjudication, the person liable to pay the stamp duty [* * *] [Omitted words 'under section 29' by Act No. XII of 2011, dated 25th April, 2011.] shall pay the same within sixty days from the date of service of the 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 20% of the deficient portion of the stamp duty, for every month or part thereof, from the date of execution of such instrument.
