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(7) Where the concerned person makes payment, in the manner prescribed, of the deficit amount of stamp duty determined under sub-section (5) together with interest, if any, charged under sub-

section (6), the registering officer shall, upon furnishing by the concerned person a copy of receipted challan or bank draft in proof of such payment, register the instrument within such time as may be prescribed.

(8) (a) The authority referred to in sub-section (3) may, on receipt of any information or otherwise, suo motu within five years from the date of registration of any instrument, where such instrument was registered on the basis of the market value which was set forth in the instrument or which was ascertained by the registering officer referred to in sub-section (1), call for and examine any such instrument and any other document relating thereto for the purpose of satisfying himself as to the correctness of the market value of the property which is the subject-matter of such instrument and which was set forth in the instrument or which was ascertained under sub-section (2) and the stamp duty payable thereon.

.... .... .... ...."

"West Bengal Stamp (Prevention of Undervaluation of Instruments) Rules, 2001: -

3. Manner of determination of market value and furnishing of particulars relating to any property. - (1) The market value within the meaning of clause 16(B) 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 and in the same locality or in a comparable locality, has been negotiated and settled during the five consecutive years immediately preceding the date of execution of any instrument setting forth such market value, or on the basis of any court decision after hearing the State Government, or on the basis of information, report or 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 such land or land with building, whichever is greater.

(6) If, in relation to any property which is the subject-matter of registration of any instrument referred to in sub-rule (2), the market value is not set forth therein, and if the facts and circumstances affecting the chargeability of an instrument with stamp duty and the particulars relating to such facts and circumstances are not fully and truly set forth and furnished in a statement referred to in sub-rule (3), filled in, signed and verified by the person executing the instrument in the manner referred to in sub-rule (4), the registering officer may refuse registration of such instrument after giving such person a reasonable opportunity of being heard.

(a) to every person by whom, and
(b) to every person in whose favour the instrument has been executed and inform him the receipt of reference and ask him to submit to him his objections, if any, in writing to support that the market value of the property has been truly and fully set forth by him in his instrument.
(2) If the Collector, on receipt of any information or suo mote, within five years from the date of registration of any instrument referred to in sub-rule (2) of rule 3, has reason to believe that the market value of the property which is the subject matter of such instrument has not been truly set forth in the instrument or correctly ascertained under sub-section (2) of section 47A, he shall issue notice referred to in sub-rule (1) to the person mentioned therein and inform him of the reasons which led him to believe that the market value of the property has not been truly set forth, or correctly ascertained under sub-section (2) of section 47A, as the case may be, and ask him to submit his objection, if any, in writing to support that the market value has been truly set forth in the instrument, or correctly ascertained under sub-section (2) of section 47A.