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Section 47-A. Instruments under-valued how to be dealt with.- (1) If the market value of any property, which is the subject of any instrument on which duty is chargeable on market value as set forth in such instrument, is less than the minimum value determined in accordance with the rules made under this Act, the Registering Officer appointed under the Registration Act, 1908 (Central Act 16 of 1908), shall after registering the instrument, refer the same to the 16 of 28 Neutral Citation No:=2023:PHHC:065726 CWP No.21256 of 2016 (O&M) 2023:PHHC:065726 Collector for determination of market value of such property and the proper duty payable thereon.

(2) On receipt of reference under sub-section (1), the Collector shall, after giving the parties a reasonable opportunity of being heard and after holding an enquiry in such manner, as may be prescribed by rules, determine the market value of the property and the duty as aforesaid, and the deficient amount of duty, if any, shall be payable by the person liable to pay the duty.

(3) The Collector may, suo motu or on receipt of reference from the Inspector-General of Registration or the Registrar of a district appointed under the Registration Act, 1908 (Central Act 16 of 1908) in whose jurisdiction the property, or any portion thereof, which is the subject matter of th instrument, is situated, or on the receipt of a report of audit by the Comptroller and Auditor General of India or by any other authority authorized by the State Government in this behalf or otherwise, shall within three years from the date of registration of any instrument, not already referred to him under sub-section (1), call for and examine the instrument for the purpose of satisfying himself as to the correctness of its market value, and the duty payable thereon and if, after such examination, he has reason to believe that the market value has not been truly set forth in the instrument, he may determine the market value and the duty, as aforesaid, in accordance with the procedure provided for in sub-section (2) and the deficient amount of duty, if any, shall be payable by the person liable to pay the duty. (4) Any person, aggrieved by an order of the Collector under sub- section (2) or sub-section (3),may, within thirty days from the date of the order, prefer an appeal before the Commissioner and all such 17 of 28 Neutral Citation No:=2023:PHHC:065726 CWP No.21256 of 2016 (O&M) 2023:PHHC:065726 appeals shall be heard and disposed of in such manner, as may be prescribed by rules made under this Act:

10. On its careful study, it becomes evident that there are two different columns providing for different rates at which the stamp duty is payable on a conveyance deed. The second column provides for the stamp duty payable for execution of conveyance which amounts to sale of immovable property, whereas the third column provides for other conveyances.

11. It is provided that the stamp duty will be payable on the value or the amount of consideration for such conveyance as set forth therein. It is also evident that apart from powers under Section 33 which provides for examination and impounding of instruments, the Registering Officer or the Collector has the enabling power to pass suitable orders if evasion in payment of stamp duty is noticed. Sub-section(1) of Section 47A provides that the Collector may if convinced that the instrument has been undervalued to evade payment of stamp duty then after granting opportunity of hearing and evidence to the parties proceed to assess the market value and the duty payable. The entire emphasis of Section 47 is on the market value of the 20 of 28 Neutral Citation No:=2023:PHHC:065726 CWP No.21256 of 2016 (O&M) 2023:PHHC:065726 property. Similarly, Section 56 enables the Collector to draw up the statement of the case and refer it to the CCRA for decision. Similarly, the CCRA may refer the matter to the High Court for that State for its opinion. Thus, the scheme of the Act enables the competent authority to not only impound the instrument which is not sufficiently stamped but to recover the deficient stamp duty which is sought to be evaded. The financial creditor has assigned/transferred all his rights, title or interest created under the financial documents in favour of the petitioner which includes immovable property measuring 143 Kanals 12 Marlas which was mortgaged with the financial creditor. Apart from the immovable property, Schedule 'C' of the assignment deed also provides for the assignment of loan agreement, hypothecation deed, deed of personal guarantee etc. etc. In these circumstances, the crucial question is "whether the stamp duty is payable on the total amount to which the assignee is entitled to recover or the amount of consideration for which the petitioner had purchased the rights of the financial creditor?" It is the value of the deed of assignment or the amount of consideration paid or promised to be paid by the petitioner to purchase the rights of the financial creditor would determine the amount of duty payable under the Stamp Act. The total amount recoverable by the financial creditor has no relation or connection or relevance with the deed of assignment particularly when the debt became non-performing asset resulting in filing of the proceedings and a decree passed by the Debt Recovery Tribunal. In these circumstances, on reading of Clause-1 of the deed of assignment it is evident that the total purchase consideration was mutually agreed at Rs.3,04,00,000/- out of which the amount was paid as under:-