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32A. Determination of market value of property which is the subject matter of conveyance, etc.:
(1) Instrument of conveyance, exchange, gift certificate of sale, partition, partnership, settlement or power of attorney or to sell immovable property when given for consideration or transfer of lease by way of assignment presented for registration under the provisions of Registration Act, 1908 shall be accompanied by a true copy thereof;
[and the statement in such form as may be prescribed by rules] and if an officer registering such instrument under the aforesaid Act or any person referred to in section 33 before whom such instrument is produced or comes in the performance of his functions, has reason to believe that the consideration set forth therein does not approximate to the market value of the property which is the subject matter of such instrument, or as the case may be, the market value of the property which is the subject matter of such instrument has not been truly set forth therein, he [shall before] registering the instrument or as the case may be, performing his functions in respect of such instrument refer the instrument or true copy thereof to the Collector of such district in which either the whole or any part of the property is situated for determining the true market value of such property and the proper duty payable on the instrument under this sections.] [Provided that for the purpose of this sub-section, the consideration set forth in an instrument executed by the State Government, the Central Government, a local authority, Gujarat Housing Board, Gujarat Slum Clearance Board or Gujarat Industrial Development Corporation, shall be deemed to be the true market value of the property which is the subject matter of such instrument;
Provided that, no such party shall be required to pay any amount to make up the difference or to pay any penalty under this sub-section if the difference between the amount of the consideration or, as the case may be. the market value as set forth in the instrument and the market value as determined by the Collector of the district does not exceed ten per cent of the market value determined by the Collector of the district. (4) The Collector of the district, may suo motu or on receipt of information from any source, within two years from the date of registration of any instrument referred to in Sub-section (1), not being the instrument upon which an endorsement has been made under Section 32 or the instrument in respect of which the proper duty has been determined by him under Sub-section (3) or an instrument executed before the date of the commencement of the Bombay Stamp (Gujarat Amendment) Act, 1982 call for and examine the instrument Vibhag Co-Operative ... vs State Of Gujarat And Ors. on 5 May, 1992 for the purpose of satisfying himself as to the correctness of the consideration or of the market value of the property which is the subject-matter of such instrument and the duty payable thereon, and if on such examination, he has reason to believe that the consideration does not approximate to the market value of such property or, as the case may be, market value of such property has not been truly and fully set forth in the instrument, he shall proceed as provided in Sub-sections (2) and (3).
(e) After considering the represention, if any, against the provisional order, the Collector is required to pass the final order determining the true market value and the proper stamp duty payable on the instrument [Rule 6];
(f) After determination of the market value, the Collector is required to direct the party liable to pay duty to make payment of difference of stamp duty and penalty which shall not be less than such duty and not more than twice the amount of such duty. Further, no party would be required to pay any amount to make up difference or to pay any penalty if difference between the amount of consideration or the market value set forth in the instrument and the market value determined by the Collector does not exceed 10% of the market value determined by the Collector.
12. That the contentions about usage of the above Jantri by the registering officer while applying the mind so as to form an opinion and reason to believe about setting forth true market value of the property being vitiated by compulsive use of Jantri is also misconceived. The Competent Officer of the Department/authority in the affidavit-in-reply have stated in no uncertain terms about no such compulsion or pressure being exerted by registering authority and upon presentation of instrument to be stamped ASR is used as a guide for comparing the proper market value and learned Advocate General emphasized and reiterated that provisions of Section 32A and Rules 3, 4 and 8 are not given go by at any stage under any circumstances and in case of registering officer forms an opinion and has reason to believe about insufficiency of the stamp duty, such registering officer has to refer such instrument/document to the Collector as per Rule 3(4) and after following procedure laid down in Rule 4 and factors provided in Rule 8 about principles to be taken into consideration for determination of market value by the Collector the decision is taken after opportunity is given to affected person and, therefore, the contention about compulsory usage of ASR is ill founded and it is neither arbitrary nor unreasonable and argument deserves to be rejected.