Power of payer to stamp bills and promissory notes received by him unstamped
- Section 47
When any bill of exchange 1[or promissory note] chargeable 2[with a duty not exceeding ten naye paise] is presented for payment unstamped, the person to whom it is so presented may affix thereto the necessary adhesive stamp, and, upon cancelling the same in manner hereinbefore provided, may pay the sum payable upon such bill 3[or note], and may charge the duty against the person who ought to have paid the same, or deduct it from the sum payable as aforesaid, and such bill 4[or note], shall, so far as respects the duty, be deemed good and valid :
Provided that nothing herein contained shall relieve any person from any penalty or proceeding to which he may be liable in relation to such bill 5[or note].
[STATE AMENDMENTS
Bihar
6[After Section 47
(1) the words "Set forth in the instrument" the words "or is less than even the minimum value determined in accordance with any Rules made under this Act" shall be inserted.
(2) In Section 47A of the said Act as inserted by Bihar Act, 19, 1988 the words "after registering" shall be substituted by the words "at the time of admitting".]
7[After Section 47
Section-47-A (1) of the Indian Stamp Act, 1899 (as amended from time to time) shall be substituted by the following:--
"(1) Where the registering officers appointed under the Registration Act, 1908 while registering any instrument 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 is subject matter of such instrument has been set forth at a lower 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."]
Haryana
8[After Section 47
the following new section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of November, 1966, namely:--
"47 A. Instruments under-valued how to be dealt with.--
(1) If the Registering Officer appointed under the Registration Act, 1908, while 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 reference under sub-section (1), the Collector shall, after giving the parties a reasonable opportunity of being heard and after holding an enquiry in such manner as may be prescribed by rules made 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........