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21. The relevant provisions are contained in section-47-A of the Indian Stamp (Odisha Amendment) Act, 2008 read with the corresponding rules in the Odisha Stamp Rules, 1952 under Chapter-VI would throw the light on the matter. The Sub-section-
(1) Section 47-A of the Indian Stamp Act (Odisha Amendment) provides as to how instruments under-valued to be dealt with. It says that where the Registering Officer under the Registration Act, 1908, while registering any instrument of conveyance , exchange, gift, partition or settlement has reasons to believe that the market value of the property which is the subject matter of the instrument has not been rightly set forth in the instrument or is less than the minimum value determined in accordance with the rules made under the Act, he shall, before registering such instrument, refer the matter to the Collector, with an intimation in writing to the person concerned, for determination of the market value of such property and the proper duty payable thereon.
b. for the purpose of registration, he must have the reasons to believe that the market value of property, which is the subject matter of the instrument, has been rightly set-forth in the instrument.; and c. where if not more at least the market value of the property determined under the said rules made in accordance with the Act has been set-forth as the market value of said property, which is the subject matter of the instrument, the Registering Officer would have all the satisfaction that the market value of the property has been rightly set-forth, then the scope for the Registering Officer to refer the matter to the Collector for determination of the proper duty payable thereon would no more be there."

This is because of the reason that the Collector himself is associated in determination of the market value of the property as provided in the rules. The market value has to be taken to mean so with reference to the objective set-forth in the Stamp Act in charging stamp duty and the fees for registration as the consequence. The market value thus determined under the rules is only for the purpose of acceptance of the document for registration by the Registering Officer by arriving at a satisfaction that the market value of the property, which is the subject matter of the instrument has been rightly set-forth in the instrument. The definition of the market value, as given in the rules, thus is only confined for the purpose as aforesaid and not beyond that to say that the same would be the market value of the property in question for transfer of the property in open market when the property is offered in open market for transfer that would depend upon very many factors including the time when the transfer is being made, the market value meaning the reasonable consideration thereof can never be equated with the market value determined under the rules as above. That is the reasons the Sub- Registrar has very rightly stated that as such translations of the land in the locality has been registered in his office, he was not in a position to report about the market valuation of the land and he simply supplied the Bench Mark Valuation, i.e., the valuation of land fixed for satisfaction of the Registering Authority as to market value so as to charge the stamp duty and consequential collection of the fees for registration.