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44. In Champaklal, J. Gandant v. State of Gujrat , P.R. Gokulakrlshnan, C.O. speaking for the Division Bench, interpreted section 32A of the Bombay Stamp Act which is in the following terms :--

"32-A(1)--If any officer registering under the Registration Act, 1908, an instrument of conveyance, exchange, gift, partition, partnership or settlement or power of attorney or any person referred to in section 33, before whom such instrument is produced or comes in the performance of his functions, has reason to believe that the consideration set forth therein does not approximate to the market value of the property which is the subject matter of such instrument, or as the case may be, the market value of the property which is the subject matter of such instrument, has not been truly set forth therein, he may after registering the instrument, or as the case may be. performing his functions in respect of such instrument, refer the instrument to the Collector of such district in which either the whole or any part of the property is situated for determining of the true market value of such property and the property duty payable on the instrument under this section."

6. It would thus be seen that the aforesaid guidelines would inhabit the Registering Authority to exercise his quasi-Judicial satisfaction of the true value of the properly or consideration reflected in the instrument presented before him for registration. The statutory language clearly indicates that as and when such an instrument is presented for registration, the sub-Registrar is required to satisfy himself, before registering '.he document, whether the true price is reflected in the instrument as it prevails in the locality. If he is so satisfied, he registers the document. If he is not satisfied that the market value or the consideration has been truly set forth in the instrument, subject to his making reference under sub-section (1) of section 47-A, he registers the document. Thereafter, he should make a reference to the Collector for action under sub-sections (2) and (3) of section 47A. Accordingly, we held that the offending instructions are not consistent with sub-section (1) of section 47-A. It would, therefore, be open to the State Government to revise its guidelines and issue proper directions consistent with the law."

50. The said decision in fact, runs counter to the submission on of Mr. Roy. The aforementioned decision clearly postulates that in a given case the High Court can exercise its power of judicial review and do justice to the parties and, thus, it cannot-be said that an arbitrary, uncanallsed and naked power had been conferred upon the authorities concerned.

51. In the aforementioned backdrop the provision of the West Bengal Amendment Act and the Rules may be considered.

52. Sub-section (1) of section 47A of the said Act postulate that when the registering authority has reasons to believe that the market value of the property which is the subject matter of instrument has not been truly set forth in the instrument he may register such instrument provisionally subject to determination of the market value under sub-section (2) and after registering such instrument refer to such authority as may be prescribed for determination of the market value of such property and the proper duty payable thereupon.

57. In exercise of the said power as also the power conferred upon it under sections 27,- 47A and 75 of the Indian Stamp Act, the State made the rules known as West Bengal Stamp (Prevention of Under-valuatlon of Instruments) Rules, 1994 (hereinafter referred to as the 'said Rules').

58. Rule 3 of the said Rules provides for the manner of determination of market value and furnishing of particulars relating to any property. Sub-rule (1) of Rule 3 reads thus :-

"The market value within the me^Mng of clause (16B) of section 2 in relation to any land or any land with building shall, after taking Into consideration the particulars referred to in sub-rule (2), be determined on the basis of the highest price for which sale of any land, or any land with building, of similar nature and area, in a comparable locality, has been negotiated and settled during the five consecutive years immediately proceeding the date of execution of any instrument setting forth such market value, or on the basis of any Court decision. information, report on record that may be available from any Court or any officer or authority of the Central Government or the State Government or any local authority or local body, or on the basis of consideration stated in such instrument for the sale of such land or land with building, whichever is greater."