Hon’ble Suneet Kumar, J.—Petitioner purchased part of the property Khasra No. 1621/01 admeasuring 0.072 hectare, situated within municipal area, vide instrument dated 4.1.2008, On reference by the Sub Registrar, a case was registered under Indian Stamp Act 1899 (the Act). It was reported that the property in question was under valued, not disclosing that the property has commercial potential, whereas stamp duty was paid as applicable on agricultural property. The Collector (Stamp) Bijnor, inspected the property during the proceedings and found that the property is situated behind a Hospital in ward No. 1, a commercial shop measuring 50 square metre exists on the property in question, a godown of 200 square metre and an area of 470 square metre of commercial property on a portion of the parcel of land of which the property in question is a part. Under Uttar Pradesh Stamp (Valuation of Property) Rules 1997 (1997 Rules) minimum value (circle rate) fixed by the Collector was @ Rs. 8000/- per square metre for land and for covered area Rs. 60/- per month was the rental value, accordingly, deficiency of stamp duty of Rs. 7,66,400/- was determined, Rs. 76,000/- was imposed as penal