Amendment status not verified — confirm the current text below against the official source.
In terms of the 1991 Amendment Act, in sub-section (1) of section 47A, after the words "that the market value of the property which is the subject matter of such instrument has not been rightly set forth in the instrument the following words were inserted "of which is less than the value calculated in terms of the Rules framed under the Act." The legislative power conferred on State under Entry 44 of List II of Seventh Schedule of the Constitution is a wide one. State Legislature must be held to have power to enact legislation covering the entire field of Stamp duty. Provisions of section 47A having been enacted in order to neutralise the effect of under-valuation of instruments, must be held to be valid and within the legislative competence of Bihar Legislature. Umesh Thakur vs. State of Bihar, 1994 (1) PLJR 727. The correctness and the correct market valuation of the instrument can be looked into by the Collector can be exercised into within two years of the date of registration of the instrument. The limitation will not apply if the proceeding has been initiated by the Sub Registrar for determining the market value of the instrument and not by the Collector suo motu. Chandra C. Adesara & others vs. State of Bihar & others 1997 (2) PLJR 16. Section 47A (inserted by Bihar Amendment Act, 1988)—provision for fixing rates for valuation of landed properties for the purpose of registration—section 47A— shall not be applicable to documents presented for registration in pursuance of a decree for specific performance of the contract executed prior to coming into force of section 47A of the Act. Md. Bashiruddin vs. State of Bihar 2004 (3) PLUR 629. Section 47A (as amended by Bihar Amendment Act 15 of 1988)—not applicable to document presented for registration pursuant to a decree for specific performance of an agreement executed prior to coming into force of the inserted provision of the Act—agreement to sale entered between the petitioner and his vendor here is prior to introduction of section 47A—order for additional stamp duty on revaluation, quashed—document to be registered on valuation as mentioned in agreement to sell. Baiju Singh vs. State of Bihar 2004 (2) PLJR 743. Sections 27, 40, 47A and 64—penalty imposed by the Collector for under— valuing the property un ‘er registration—assailed on the ground that already a penal provision u/s 64 is prov.ded under the Act—Section 64 of the Act relates to criminal intention of a person who is producing document to the authority for its registration— even if the provisions of Section 64 of the Act are made applicable, a person who under values a document, can not escape the provision of Section 40(1)(b) and Section 47A of the Act—if a person wants to defraud the State Government by not giving proper valuation of the property then he may not be allowed to say that he is liable to pay a fine of Rs. 5000/- only and should be made scot free—Sections 64 and 47A of the Act are not mutually destructive but are supplemental to each other. M/s Nasco Steel Pvt. Ltd. vs. State of Bihar, 2004(4) PLUR 470. Section 47A—the provision is not retrospective—not correct to strain the person liable to pay stamp duty by requiring him to pay the same on the basis of current market value for circumstances beyond his control—value on the date of agreement alone is relevant for stamp duly and not the value on the date by the court merge lapse of time between the date ot agreement and the execution of the document will not be the determining factor that the document is under—valued and this by itself is not sufficient to invoke power u/s 47A. Brij Nandan Singh vs. State of Bihar, 2006(3) PLUR 538. For the purpose of valuation of stamp duly on pre-empted land, value as on the date of transaction as ordered by court would be taken into account, Baidya Nath Prasad Singh vs. State of Bihar, 2007(3) PLJR 393. 104] Bihar Stamp Manual [ Secs. 48-49 istrati lued. Order for payment strument presented for registration found to be underva of Balun value passed without statutory compliance of Rules S and 10 of Bihar Instrument Valuation Rules. Impugned order not sustainable. Direction given to register the gift deed with valuation presented by petitioner. Radhika Devi vs. State of Bihar, 2007(4) PLUR 375.]