THE INSPECTOR GENERAL OF REGISTRATION vs K. BASKARAN

The Supreme Court interpreted Section 47A of the Indian Stamp Act, 1899, and the Tamil Nadu Stamp (Prevention of Undervaluation of Instruments) Rules, 1968, clarifying the procedure for determining the market value of property in cases of undervaluation during registration. The Court held that the Collector has the authority to reassess the market value and duty payable, and that aggrieved parties have the right to appeal against the Collector's orders. The judgment emphasized the importance of adhering to the prescribed procedures for ensuring fair valuation and duty assessment.