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Section 27 Facts affecting duty to be set forth in instrument:-
The consideration (if any) and the market value and all other facts and circumstances affecting the chargeability of any instrument with which it is chargeable shall be fully and truly set forth therein.
Section 35 Instrument not duly stamped inadmissible in evidence, etc.-
No instrument chargeable with duty shall be admitted in Evidence for any purpose by any person having by law or consent of parties authority to receive evidence, or shall be acted upon, registered or authenticated by any such person or by any public officer, unless such instrument is duly stamped:
(3) The collector may, suo motu or otherwise, within five years from the date of registration of any instrument of 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 person liable to pay the duty: