Amendment status not verified — confirm the current text below against the official source.
(1) If the Registering Officer, whiiu registering any instrument transferring any property, has reason to believe that the value of the property or the 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 or consideration, as the case may be, and the proper duty payable thereon. (2)On receipt of z nfs-snce under suv- section(1), the Collector shall, after giving the parties a reasonable opportunity cf being heard and after holding an enquiry in such manner as may be prescribed by rules made under this Ac-,, by crdiy determine the 'vsiue cf th^ uroi. .rty or the consideration eno the outy - . ,"sa<d; ,.' the deficient amcurii of duty, if ^^y, snail be payable by the person liable to pay the duty and, on the payment of such duty, the Collector shall e^dorse a certificate of such payment on the instrument under his seal and signature. (3)The Collector may, suo n-.otu within too years from the cats of registration of any instrument not already referred to him under sub-section (1), cull for ar.ci exsmirv. 'h^ instrument fcr the p^p ^se o^ sctisfy^-g himself as to the correctness of its value or coraiderslior:. a.. :'2 c^e may be, and the duty payable thereon, and if after suet examination, he has r^ason to believe the. "{3) In the case cf irr^^rrrK.T.s rcisling !o land, chargeable wi:h ad valorem duty, the Government may notify minimum rates for valuation or iand.".