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(3) The Collector may, suo motu or otherwise, within five years from the date of registration of any instrument or conveyance, exchange, gift, release of benami right or settlement, 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 the market value of the property which is the subject matter of conveyance, exchange, gift, release of benami right or settlement, and the duty payable thereon and if after such examination, he has reason to believe that the market value of the property has not been truly set forth in the instrument, he may determine the market value of such property and the duty as aforesaid in accordance with the procedure provided for in sub-section (2). The difference, if any, in the amount of duty,shall be payable by the persons liable to pay the duty:
"4. Procedure on receipt of reference under section 47-A. - (1) On receipt of a reference under sub-section (1) of Section 47-A, from a registering officer, the Collector shall issue a notice in Form I,
(a) to every person by whom, and
(b) to every person in whose favour the instrument has been executed, informing him of the receipt of the reference and asking him to submit to him his representations, if any, in writing to show that the market value of the property has been truly set forth in the instrument, and also to produce all evidence that he has in support of his representation, within 21 days from the date of service of the notice.

24. Every safeguard has been provided under the provisions of the Stamp Act to the petitioner to establish before the authorities as to the real value for which the capital asset has been transferred. As per the provision Section 47A of the Stamp Act, if the registering authority has reason to believe that the market value of the property, which is the subject matter of transfer, has not been truly set forth in the instrument, he would after registering such instrument, refer the same to the Collector for determination of the market value of such property. On receipt of the reference, 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 made under the Stamp Act determine the market value of the property.

25. Rule 4 of the Tamil Nadu Stamp (Prevention of Undervaluation of Instruments) Rules, 1968 provides the procedure on receipt of reference of the instrument under Section 47A. As per Rule 4, on receipt of a reference under sub-section (1) of Section 47-A, from a registering officer, the Collector shall issue a notice in Form I, to every person by whom, and to every person in whose favour the instrument has been executed, informing him of the receipt of the reference and asking him to submit to him his representations, if any, in writing to show that the market value of the property has been truly set forth in the instrument, and also to produce all evidence that he has in support of his representation, within 21 days from the date of service of the notice. Further, if necessary, the Collector may record a statement from persons to whom a notice under sub-rule (1) has been issued, which included the assessee, the transferor. The Collector may even inspect the property after due notice to the parties concerned. After considering the representations, received from the person to whom notice under sub-rule(1) has been issued, and after examining the records and evidence before him, the Collector would pass an order in writing provisionally determining the market value of the properties and the duty payable thereon. Rule 5 of the Rules provides for principles for determination of market value, which has been already extracted supra.