THE BOMBAY STAMP ACT, 1958 - Igrmaharashtra.gov.in

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(3) If any person referred to in section 33, before whom any such instrument is produced orcomes in the performance of his functions, has reason to believe that the market value of theimmovableproperty which is the subject matter of such instrument has not been truly setforththerein, he may, after performing his function ,in respect of such instrument, refer the instrumentalongwith a true copy of such instrument to the Collector of the District for determination of thetrue market value of such property and the proper duty payable on the instrument. l [Provided thatif the person, before whom any such instrument is produced or comes. in performance of hisfunctions, is an officer appointed as the Collector under clause (f) of section 2, and he has reasonto believe that the market value of the immovable property which is the subject matter of suchinstrument has not been truly set-forth therein, he shall, for the purpose of assessing the stampduty, determine the true market value of such property in the manner laid down in the BombayStamp (Determination of True Market Value of Property) Rules, 1995];(4) On receipt of the instrument or the true copy of the instrument as the case may be, under subsection(2) or (3), the Collector of the District shall, after giving the parties concerned areasonable opportunity of being heard and in accordance with the rules made by the StateGovernment in that behalf, determine the true market value of the immovable property which i8the subject matter of the instrument and the proper duty payable thereon.Upon such determination, the Collector of the District shall require the party liable to pay theduty, to make the payment of the amount required to make up the difference between the amountof duty determined under this sub-section and the amount of duty already paid by him and shallalso require such party to pay in addition, 2 [a penalty 3 [of 2 per cent for every month or partthereof] from the date of execution of the instrument on differential amount of stamp duty]; andon such payment, the instrument received under sub-section (2) or (3) shall be returned to theofficer or person referred to therein:Provided that, no such party shall be required to pay any amount to make up thedifference or to pay any penalty under this sub-section, if the difference between the amount ofthe market value as setforth in the instrument and the market value as determined by the Collectorof the District does not exceed ten per cent, of the market value determined by the Collector ofthe District:___________________________1, This proviso Was added by Mah. Tax Laws (Levy, Amendment and Validation) Act 30 of1997, s, 3(b) (w.e.f. 15,5,1997),2, These words were substituted for the words "a penalty of rupee two hundred and fifty inrespect of the instruments executed upto the 28th February 1990, and rupees two hundred andfifty plus 15 per cent for each year or part of the year, on the differential amount on theinstrument executed on or after the 1 st March 1990" by Mah. 9 of 1997, s. 9(b)(i), (w.e.f.15.9.1996).3. These words were substituted for the words "of 15 per cent for each year or part of the year" byMah. Tax Laws (Levy, Amendment and Validation) Act, 30 of 1997, s. 3(c) (w.e.f. 15.5.1997).
1 [Provided further that, in respect of references pending with the Collector of the,District, before the commencement of the Maharashtra Tax Laws (Levy SecondAmendment and Validation) Act, 1996, for determination of true market value of theimmovable property which is the subject matter of the instrument, the person liable topay the stamp duty under section 30 shall not be liable to pay penalty exceeding rupees250 if, he makes the payment of the stamp duty and penalty within one month from thedate of receipt of the order of the Collector of the District, by him].1 [Provided also that, in no case, the amount of the penalty shall exceed double thedeficient portion of the stamp duty.](5) The Collector of the District, may, suo moto or on receipt of information from anysource, within 3[ten years] from the date of registration of any instrument referred to insub-section (1), (not being the instrument upon which an endorsement has been madeunder section 32 or the instrument or the instruments in respect of which the proper dutyhas been determined by him under sub-section (4) or an instrument executed before the4th July 1980), call for the true copy or an abstract of the instrument from the registeringofficer and examine it for the purpose of satisfying himself as to the correctness of themarket value of the immovable property which is the subject matter. of such instrumentand the duty payable thereon; and if, after such examination, ,.he has reason to believethat the market value of such property has not been truly and fully setforth in theinstrument he shall proceed as provided in sub-section (4).4 [(6) It shall be lawful for the Chief Controlling Revenue Authority or the Collector ofthe District to transfer to any other Officer,: any reference received by the Collector ofthe District under this section, for disposal in accordance with the Bombay Stamp(Determination of True Market Value of Property) Rules, 1995.]______________________________1. This proviso was substituted by Mah. 9!)f 1997, s. 9(b)(ii), (w.ej 15.9.1996). Prior tosubstitution proviso read as under :-Provided further that. the provisions of this sub-section, as amended by the MaharashtraTax Laws (Levy and Amendment) Act, 1993 (Mah. 17 of 1993) in so far as they relate tothe payment of penalty, shall not apply to the references finalised by the Collector beforethe date of commencement of .the said Act.2. This proviso was added as Amended by M~. Tax Laws (Levy and Amendment) Act,2001, s. 3(b). 3. These words were substituted for the words "eight years" by Mah. TaxLaws (Levy, Amendment and Validation) Act, 30 of 1997, s. 3(d) (w.e.f. 15.5.1997).4. Sub-section (6) was substituted by Mah. Tax Laws (Levy, Amendment and Validation)Act, 30 of 1997, s. 3(e) (w.e.f.15.5.1997). Prior to substitution sub-section (6) which wasinserted by Mah. 18 of 1989, w.ef.. 1.12.l98p read as under :-(6) It shall be lawful for the Collector of the District to transfer any reference received byhim under sub-section (3) of section 31 or under this section for determination of the truemarket value of the immovable property which is the subject matter of the instrument andthe property duty payable thereon, for disposal in accordance with the provision of subsection(3) of section 31 or, as the case may be, this section, to the Additional Collectorof the District, if any or any other officer in his District not below the rank of-
Page 2 and 3: Constitutional Position -Law relate
Page 4 and 5: to values of property especially in
Page 6 and 7: If the documents creates an obligat
Page 8: Notification - Addition Officers fo
Page 11 and 12: Agreements entered into before 10 t
Page 13 and 14: 3. The Court was constructed severa
Page 15 and 16: and the value of in question may be
Page 17 and 18: considering the correspondence that
Page 19 and 20: eferred to in Section 47A and Rules
Page 21 and 22: includes an instrument by which a p
Page 23 and 24: 5. Instrument relating to several d
Page 26 and 27: (d)with Securities and Exchange Boa
Page 28 and 29: 2. These words were substituted for
Page 30 and 31: 3 [Provided that the clearance list
Page 32 and 33: 1 [25. How transfer in consideratio
Page 34 and 35: Provided also that, where proceedin
Page 36 and 37: (E) -Duty by whom payable30 . Dutie
Page 39 and 40: Subjective satisfaction to be on ob
Page 41: 1 [(2) (a) If any officer registeri
Page 45 and 46: NotesThe section applies to eight t
Page 47 and 48: he thinks just and proper; and the
Page 49 and 50: instrument from the party and, afte
Page 51 and 52: Government or where it bears the ce
Page 53 and 54: 37. Instruments impounded how dealt
Page 55 and 56: Subjective satisfaction to be on ob
Page 57 and 58: executed, some other person was bou
Page 59 and 60: (a) the stamp on any paper inadvert
Page 61 and 62: 50. Allowance for misused stamps.(1
Page 63 and 64: (2) The Chief Controlling Revenue A
Page 65 and 66: Under sub-section (2) if the Collec
Page 67 and 68: 1 [(4) Without prejudice to the pro
Page 69: 1 [59A. No prosecution und~ section

THE BOMBAY STAMP ACT, 1958 - Igrmaharashtra.gov.in

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