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9. In view of the fact that expression 'reason to believe' has been used in sub-section (3) of Section 47-A of the Act, the power conferred under this Section though is wide but they are not plenary. The power cannot be exercised when the Collector has reason to suspect that there is evasion of proper stamp duty."

43. So, the sine qua non for invoking the power under Section 47-A(3) is that if the Collector on the basis of material on record forms an opinion that "he has reason to believe" that true market value has not been set forth by the party in the instrument, he can determine the correct market value of said property and stamp duty payable thereon. The belief of the Collector must not be arbitrary or irrational and the formation of such belief must reflect that it is based on material on record and has been held in good faith.

23. Conveyance [as defined by Section 2 (10) not being a Transfer charged or exempted under No.62-

(a) if relating to immovable property where the amount or value of the consideration of such conveyance as set forth therein or the market value of the immovable property which is the subject of such conveyance, whichever is greater does not exceed Rs.500, where it exceeds Rs.500 but does not exceed Rs.1,000.

and for every Rs.1,000 or part thereof in excess of Rs.1,000

(b) if relating to movable property where the amount or value of the consideration of such conveyance as set forth therein does not exceed Rs.1,000 and for every Rs.1,000 or part thereof in excess of Rs.1,000 Exemption Assignment of copyright in musical works by resident of, or first published in India.

"27. Facts affecting duty to be set forth in instrument.- (1) The consideration (if any) and all other facts and circumstances affecting the chargeability of any instrument with duty, or the amount of the duty with which it is chargeable, shall be fully and truly set forth therein.

(2) In the case of instruments relating to immovable property chargeable with an ad valorem duty on the value of the property, and not on the value set forth, the instrument shall fully and truly set forth the annual land revenue in the case of revenue paying land, the annual rental or gross assets, if any, in the case of other immovable property, the local rates, Municipal or other taxes, if any, to which such property may be subject, and any other particulars which may be prescribed by rules made under this Act."

98. The Collector is conferred with the power under Section 47-A (3) of the Act, 1899 to examine the instrument for the purpose of satisfying himself as to the correctness of the market value of the property which is subject to such instrument and duty payable thereon, and if on examination, he has reason to believe on the basis of constructive material on record that the true market value has not been set forth in the instrument, he may determine the market value of the property and the duty payable thereon. The examination made by the Collector under Section 47-A (3) of the Act, 1899 is only limited to the exercise of power under the Act, 1899 to find out whether the true market value of the property has been set out in the instrument and such investigation has no relation with the legality of the sale by the tender which can only be looked into by the competent authority or Tribunal vested with the jurisdiction to try the legality of the sale by inviting a tender and the investigation made by the Collector in the exercise of power under Section 47-A (3) of the Act, 1899 cannot be used to challenge the public auction as the domain of two Acts i.e. Stamp Act and the Act under which the sale is affected by inviting tenders from public.