(2)On receipt of a reference under sub-section (1), the Deputy Commissioner shall, after giving the parties a reasonable opportunity of being heard and after holding an inquiry in such manner as the State Government may by rules prescribe, determine by order [as for as may be within ninety days from the date of receipt of such reference] [Inserted by Act 24 of 1999 w.e.f. 18.8.1999] the market value of the property which is the [subject matter of instrument specified in sub-section (1) and the duty payable thereon.] [Substituted by Act 8 of 2003 w.e.f. 1.4.2003] The difference, if any, in the amount of duty, shall be payable by the person liable to pay the duty. [with interest at twelve percent per annum if he does not pay within ninety days from the date of order of the Deputy Commissioner] [Inserted by Act 7 of 2006 w.e.f. 1.4.2006][Provided that the payment of interest is not applicable to instruments executed prior to 31st day of March, 2006.] [Inserted by Act 7 of 2006 w.e.f. 1.4.2006]
