INDIAN STAMP (PUNJAB AMENDMENT) ACT, 1982

Preamble - INDIAN STAMP (PUNJAB AMENDMENT) ACT, 1982

THE INDIAN STAMP (PUNJAB AMENDMENT) ACT, 1982

[Act No. 21 of 1982]

[4th August, 1982]

PREAMBLE

An

Act

to amend the Indian Stamp Act, 1899, in its application to the State of Punjab.

Be it enacted by the legislature of The State of Punjab in the thirty-third year of The Republic of India, as follows:--

Section 1 - Short title and commencement

(1)     This Act may be called the Indian Stamp (Punjab Amendment) Act, 1982.

 

(2)     It shall come into force at once.

Section 2 - Insertion of new section 47-A in Central Act 2 of 1899

In the Indian Stamp Act, 1899, in its application to the State of Punjab, after section 47, the following section shall be inserted, namely:--

"47-A. Instruments under valued how to be dealt with.

(1)     If the Registering Officer appointed under the Registration Act, 1908 (Central Act No. 16 of 1908), while registering any instrument relating to the transfer of any property, has reason to believe that the value of the property or consideration, as the case may be, has not been truly set forth in the instrument, he may, after registering such instrument, refer the same to the Collector, for determination of the value of the property or the consideration, as the case may be, and the proper duty payable thereon.

 

(2)     On receipt of reference under sub-section (1), the Collector shall, after giving the parties reasonable opportunity of being heard and after holding an enquiry in such manner as may be prescribed by rules under this Act, determine the value or consideration and the duty as aforesaid and the deficient amount of duty, if any, shall be payable by the person liable to pay the duty.

 

(3)     The Collector may suomotu, or on receipt of reference from the Inspector General of Registration or the Registrar of a district, appointed under the Registration Act, 1908 (Central Act No. 16 of 1908), in whose jurisdiction the property or any portion thereof which is the subject matter of the instrument is situate, shall, within two years from the date of registration of any instrument, 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 its value or consideration, as the case may be, and the duty payable thereon and if after such examination he has reason to believe that the value of consideration has not been truly set forth in the instrument, he may determine the value or consideration and the duty as aforesaid in accordance with procedure provided for in sub-section (2) and the deficient amount of duty, if any, shall be payable by the person liable to pay the duty.

 

(4)     Any person aggrieved by an order of the Collector under sub-section (2) or sub-section (3) may, within thirty days from the date of that order, prefer an appeal before the District Judge and all such appeals shall be heard and disposed of in such manner as may be prescribed by rules made under this Act.

Explanation.--For the purpose of this section, value of any property shall be estimated to be the price which in the opinion of the Collector or the appellate authority, as the case may be, such property would have fetched, if sold in the open market on the date of execution of the instrument relating to the transfer of such property.".