Assessment of market value under the Indian Stamp Act based on the rent deed of the property.

Hon'ble Bharati Sapru, J.

Heard learned Counsel for the petitioner and learned Standing Counsel for the State.

2. Pleadings have been exchanged and, therefore, this matter is being disposed of at the stage of admission itself. The petitioner has filed the present writ petition being aggrieved by the orders dated 22.9.2008 passed by the Collector (Stamps) under Section 47/33 of the Indian Stamp Act and the order dated 28.1.2009 passed by the appellate authority by which he has confirmed the order of the Collector (Stamps). By both these orders the market value of the land has been assessed. The facts of this case are not in dispute, the instrument was registered by the petitioner on 17.12.2007 and even according to the petitioner although he paid a sum of about ten lacs for the property. He paid stamp duty on the basis of circle rates of a sum of approximately 56 lacs and the stamp duty paid was about 5 lacs 60 thousand.

3. The petitioner rented out the premises within a month to the ICICI Bank on a rent deed of Rs.44,000/- per month, which was to increase after every three years. This fact is also not disputed by the petitioner. There is no evidence to show that the petitioner had made any addition or improvement to the property at the time when the property was rented out to the ICICI Bank and, therefore, on the basis of the rent, which has been received by the petitioner the market value of the property has been assessed. The authorities concerned have passed reasoned order by fixing the market value on the basis of the rent deed of the petitioner itself. Having heard learned counsels for both the sides and having perused the material on record, I am of the opinion that the order passed by the Assistant Collector (Stamps) is correct and requires no modification. It is upheld, the order of the Commissioner (Appeal) is modified in terms of the order passed by the Assistant Collector (Stamps). The petitioner will pay the amount at the rate fixed by the Assistant Collector (Stamps).

4. The Writ Petition is dismissed as above.