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(m) Award [Article 11(a)]

(n) Trust [Article 54(A)(iii)]

(o) Transferable development Rights (Article 20(7)).] having regard to the estimated market value published by the Committee constituted under section 45-B, if any, or otherwise, that the market value of the property which is the subject matter of such instrument has not been truly set forth, he shall after arriving at the estimated market value, communicate the same to the parties and unless the parties pay the duty on the basis of such valuation, shall keep pending the process of registration and refer the matter along with a copy of such instrument to the Deputy Commissioner for determination of the market value of property and the proper duty payable thereon.] (2) On receipt of a reference under sub-section (1), the Deputy Commissioner shall, after giving the parties a reasonable opportunity of being heard and after holding an inquiry in such manner as the State Government may by rules prescribe, determine by order [as for as may be within ninety days from the date of receipt of such reference] the market value of the property which is the [subject-matter of instrument specified in sub-section (1) and the duty payable thereon.] The difference, if any, in the amount of duty, shall be payable by the person liable to pay the duty. [with interest at twelve per cent per annum if he does not pay within ninety days from the date of order of the Deputy Commissioner]:

[Provided that the payment of interest is not applicable to instruments executed prior to 31st day of March, 2006.] (3) The Deputy Commissioner may, suo motu within two years from the date of registration of [any instrument specified in sub-section (1)] 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 any instrument specified in sub- section (1) and the duty payable thereon] and if after such examination he has reason to believe that the market value of such property has not been truly set forth in the instrument, he may determine by order the market value of such property and the duty payable thereon in accordance with the procedure provided for in sub-

(i) to every person by whom, and

(ii) 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 representation 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.