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65. Only when there is a transfer by inter vivos and the registrar has reasons to believe that the market value of the property of which is the subject matter of conveyance has not been truly set forth in the instrument, he may, after registering such instrument, refer the same to the Collector for determination of the market value of such property. Admittedly, as far as the sale certificate issued by the authorised officer is concerned is not transfer by inter vivos. It is https://www.mhc.tn.gov.in/judis  W.P.(MD)Nos.25561 and 25562 of 2024 not a voluntary transfer or it is not a transfer by act of parties, it is a transfer by the operation of law. The authorised officer under the SARFAESI Act or any other Act by force of law makes a compulsory sale, such sale cannot be construed as a transfer by inter vivos, it is only a transfer by operation of law. Therefore, this Court is of the view that Section 47-A of Stamp Act cannot be invoked. When the sale certificate issued by the authorised officer is presented for registration by the parties, the duty liable only on the purchase money as per Article 18 of the Stamp Act.

                                         Description of                   Amount on which duty
                                         instrument                       should be levied.

                                         (i) Sale of immovable            The market value of the
                                         property.                        property as set forth in the
                                                                          instrument, and in a case
                                                                          where the market value is
                                                                          finally determined by any
                                                                          authority under Section 47-A
                                                                          of the Stamp Act, the market
                                                                          value as so determined by
                                                                          such authority.





https://www.mhc.tn.gov.in/judis
                                                                            W.P.(MD)Nos.25561 and 25562 of 2024


                                    (ii) Exchange of             The market value of the
                                    immovable property           property of the greater value
                                                                 as set forth in the
                                                                 instrument, and in a case
                                                                 where the market value is
                                                                 finally determined by any
                                                                 authority under Section 47-
                                                                 A of the Stamp Act, the
                                                                 market     value     as    so
                                                                 determined       by      such
                                                                 authority.
                                    iii) Gift of immovable       The market value of the
                                    property                     property as set forth in the
                                                                 instrument, and in a case
                                                                 where the market value is
                                                                 finally determined by any
                                                                 authority under Section 47-
                                                                 A of the Stamp Act, the
                                                                 market     value    as    so
                                                                 determined       by     such
                                                                 authority.
                                    (iv) Mortgage with           The amount secured by the
                                    possession of immovable      mortgage, as set forth in
                                    property.                    the instrument.