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(emphasis supplied)

6. Thus fixation of fair value is for the purpose of determining the duty chargeable at the time of registration of instruments involving lands.

7. Section 45A of the Act deals with instrument not bearing stamp of sufficient amount as per fair value of the land and states how such documents are to be dealt with. Under sub- sec (1), notwithstanding anything contained in the Act the registering officer shall while registering an instrument transfer any land, other than an instrument of partition, settlement or gift among the members of a family, chargeable with duty verify whether the value of land or the consideration set forth in the instrument is the fair value of that land. Under sub-sec.(2) if on such verification, the registering officer is satisfied that value of the land or consideration set forth in the instrument is not less than fair value of the land, he shall duly register the instrument. Under sub-sec.(3) if on such verification the registering officer finds that value of the land or consideration set forth in the instrument is less than fair value of the land (fixed under Sec.28A of the Act) he shall by order direct payment of proper stamp duty on the fair value of the land within a period of seven days from the date of the order and on payment of deficit stamp duty the instrument shall be duly registered. Thus reading Secs.28A and 45A of the Act it leaves me in no doubt that the instrument is liable to stamp duty based on fair value of the land in respect of which the instrument is executed and that can only be the fair value as on the day the instrument is presented for registration. The Supreme Court in State of Rajasthan v. M/s.Khandaka Jain Jewellers (supra) dealing with the Stamp Act (Act 2 of 1899) and referring to the relevant provisions of the Rajasthan Stamp Law (Adaptation) Act has held that the relevant date for determining market value and stamp duty payable on the sale deed was the current market value on the date when the document was tendered for registration. The fact that purchaser had to litigate for getting a sale deed was held to be immaterial. The Supreme Court observed, "...An agreement to sell is not a sale. An agreement to sell becomes a sale after both the parties signed the sale deed. A taxing statute is not contingent on the inconvenience of the parties. It is needless to emphasise that a taxing statute has to be construed strictly, and considerations of hardship or equity have no role to play in its construction..."