Indian Stamp Act, 1899 reads thus:
"Instruments of conveyance etc., undervalued how to be dealt with. - (1) If the registering officer appointed under ... State Government framed the Rules called Tamil Nadu Stamp (Prevention of Undervaluation of Instruments) Rules,1968. Rules 4 and 5 of the Tamil Nadu Stamp
value determinable under Rule 3 of the West Bengal
Stamp (Prevention of Undervaluation of Instruments) Rules,
2001, should be treated to be the market value ... following observations :
"5. Experience showed that there was large-scale
undervaluation of the real value of the property in the sale
deeds
Stamp Act, 1899 , along with Rules, namely, Tamil
Nadu State (Prevention of Undervaluation of Instruments) Rules, 1968 and the
Registration Act, 1908 along with ... document. If there is no reason to believe that there is
undervaluation, then the instrument will have to be released. On the
contrary, if there
upon by the appropriate authority are taken into consideration, there is no undervaluation in excess of 15 per cent. of fair market value which ... cases where there is an attempt at tax evasion by significant undervaluation of immovable property agree to be sold. Considering the stand of the Union
with the provisions of The Indian Stamp Act and The Prevention of Undervaluation of Instrument Rules.
3.1. With regard to the grounds raised ... correct, legal and well within the rules and regulations of Prevention of Undervaluation of Instrument Rules.
(ii) Section 47(A) of the Indian Stamp
management or control of a corporate debtor in which a preferential transaction undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place ... Code; [Provided that this clause shall not apply if a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place prior
authority that the property sought to be compulsorily purchased significantly has been undervalued.
30. The fact that the nature of the enquiry under the provisions ... purpose of finding out whether any attempt has been made to undervalue the property for the purpose of evading tax. Mere undervaluation simpliciter, therefore
court as a silent and impotent spectator of gross, deliberate and designed undervaluation of the relief. Counsel relied on Order VII Rule ... most likely to lead to a gross and deliberate undervaluing of the relief claimed. Indeed such a finding can only result in a headlong conflict
property under consideration towards south."
5. The appropriate authority noticed undervaluation of the property, therefore drew a presumption that undervaluation of the property ... that the transaction entered into between the petitioner and the company as undervaluation of the property with a view to evade tax. Counsel also submitted
Repscrar, Biligi (fourth respondent), being of the opinion that documents were undervalued, kept them pending by assigning pending number and issued notices dated ... appellants informing that the sale deeds in their favour were undervalued and that the correct value
