Amendment status not verified — confirm the current text below against the official source.
Non-liability for loss of instruments sent under section 38.—(1) If any instrument sent to the Collector under section 38, sub-section (2), is lost, destroyed or darnaged during transmission, the pe-son sending the same shail not be 'iable for such loss, destruction or damage. (2) When any instrument is about to be so sent, the person from whose posscssion it came into the hands of the person impounuing the same, may require a copy thereof to be made at the expense of such first-mentioned person and au‘henticated by the person impounding such instrument, 47, Power of payer to stamp bills and promissory notes received by him unstamped.— When any bill of exchange or promissory note chargeable with a duty not exceeding len naya paise is presented for payment unstamped, the person to whom it is SO presented, may affix thereto tho necessary adhesive stamp, and upon cancelling the same in manner hereinbefore provided, may pay the sum payable upon such bill or note and may charge the duty against the person who ought to have paid the same, or deduct tt from the surn payable as aforesaid, and such bill or rote shall so far as respucts the duty, be doomed qood and viaic: Sec. 47A | Indian Stamp Act, 1899 [101 Provided that nothing herein contained shall r or proceeding to which he may be liable in relati '["47-A Instrument of conveyance.—*[""f(4 Where the registering officers appointed under the Registration Act, 1908 Wile teases ae insirmert of conveyance, exchange, gift, partition or Settlement is satisfied that the classification of the property and/or the measurement of the Structure contained in the property which is subject matter of such instrument has been set forth wrongly or the market value of the property, which '$ Subject matter of such instrument has been set forth at alower rate than the Guideline Register of Estimated Minimum Value prepared under the rules framed under the provision of this Act, he shall refer such instrument before registering it to the Collector for determination of the proper market value of such property and the proper duty payable thereon.” Provided that where the market value of the property of the instruments described above has been fixed at an amount which is not less than the value prescribed in the Guide Line Register of estimated minumum value prepared under the rules framed under the provisions of this Act, but the registering officer has reasons to believe that the riarket value of the property which is the subject matter of such instrument has not been rightly set forth or it is higher than the estimated minimum value, he, after registering such instrument, shall refer it by assigning proper reasons to the Collector for determination of proper market value of the property and the proper duty payable thereon." (2) On receipt of a reference under sub-section (1), the Collector shall, after giving one month's time to the parties for making their representation and after holding an enquiry determine the market value of the property which is the subject matter of such instrument and the duty as aforesaid. The difference, if any, in the amount of duty, shall be payable by the person liable to pay the duty: Provided that no such person shall be required to pay any amount to make up the difference if the difference between the consideration or the market value as set forth in the instrument '[or is less than even the minimum value determined in accordance with any rules made under this Act] and the market value determined by the Collector does not exceed 10 per cent of the market value so determined. (3) The Collector may suo motu within two years from the date of registration of such 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 the market value of the property which is the subject matter of such instrument and the duty payable thereon and if, after such examination, he has reason to believe that the market value of such property, has not been rightly set forth in the instrument, '[or is less than even the minimum value determined in accordance with any rules made under this Act] he may determine the market value of such property and the duty as aforesaid in accordance with the procedure provided for in sub- section (2). The difference, if any, in the amount of duty, shall be payable by the person liable to pay the duty: Provided that nothing in this sub-section shall apply to any instrument registered before the date of commencement of the Indian Stamp (Bihar Amendment Ordinance, 1986. (4) Any person aggrieved by an order of the Collector under sub-section (3) May appeal to the Commissioner concerned of the administrative division. Such appeal shall be preferred within sixty days of the order and shall be heard and disposed of by the Commissioner. (5) For the purpose of this Act, Market value of any property shall be estimated elieve any person from any penalty on to such bill or note. to be the price which in the opinion of the Collector or the appellate authority, as the