65. Procedure to be followed by the Collector in cases of under valued instruments.
(1)On receipt of a reference under sub section (1) or sub section (2) of section 51 of the Act from the Registering officer, the Collector shall issue a notice to the person liable to pay the duty informing him of the receipt of the reference and asking to show that market value of the property has been truly setforth in the instrument and also produce all evidence that he has in support of his representation within 21 days from the date of service of the notice.(2)On receipt of a reference under sub-section (4) of section 51 of the Act or where the Collector proposed to take action suo-moto under sub-section (5) of section 51 of the Act, the Collector shall issue a notice-(a)to every person by whom; and(b)to every person in whose favour, the instrument has been executed;asking him to produce the original instrument and to show cause within 21 days from the service of the notice as to why he should not proceed to determine the correct market value of the property and realise the deficient duty together with penalty under section 51 of the Act, where the original instrument is not produced within the above period of 21 days, the Collector may proceed to determine the correct market value on the copy of the instrument.(3)After expiry of 21 days from the service of notice, Collector shall summarily examine the matter, and if he thinks fit may record a statement of any person to whom a notice under sub-rule (1) and (2) has been issued.(4)The Collector may for the purpose of enquiry-(i)Look into corresponding rates as recommended by the District Level Committee and the rates approved by the Inspector General of stamps.(ii)Call for any information or record from any public office, officer or authority under the Government or the Local Authority.(iii)examine and record statement of any member of the public, officer or authority under the Government or the Local Authority:(iv)inspect the property after due notice to the parties concerned.(5)The Collector shall-(i)after considering the objections and representation received in writing from the person to whom notice under sub-rule (1) & (2) has been issued;(ii)after examining the records produced before him;(iii)after a careful consideration of all the relevant factors and evidence placed before him, and(iv)after consideration the corresponding rates as recommended by the DLC and the rates approved by the Inspector General of Stamps.pass an order determining the market value of the property and duty payable on the instrument and the steps to collect the difference in the amount of stamp duty alongwith penalty, if any.(6)The summary enquiry shall be completed within a period of 3 months.(7)A copy of the order shall be forward to the Inspector General of stamps within 15 days from the date of order.
