1. The petition though is posted for consideration of I.A.No.8071/2016 an application for vacating the stay; however taking into consideration the nature of issue involved, with the consent of learned counsel for the parties, the petition is finally heard.

2. The issue is as to whether the borrower and surety of a term loan advanced by a Commercial Bank for the poultry unit having mortgaged its immovable property towards security is exempted from paying stamp duty.

3. Facts not in dispute, briefly are that, the petitioner No.1 availed term loan facility of Rs.80.53 lacs from respondent No.4 Bank to establish a poultry unit.

4. By way of security the petitioner No.1 mortgage his land bearing Survey No.259/8 area 0.173 hectares, Survey No.259/11 area 0.459 hectares, Survey No.259/12 area 0.459 hectares Survey No.259/16 area 0.210 hectares, Survey No.501/1 area 0.101 hectare, Survey No.501/6 area 0.101 hectare, and Survey No.535/3 are 0.729 hectare: total area 2.846 hectare at village Thoonakala Patwari Halka No.46 Tahsil and District Sehore.

5. Petitioner No.2 who stood surety to said loan transaction also mortgaged her property bearing Survey Nos.501/8, 488/2, 504/1, 504/2 and 501/9 area,0.304, 0.210 ,0.405, 0.481 and 0.304 hectare respectively total area being 1.704 hectares at village Thoona Kala PH.No. 46, Tahsil and District Sehore. The mortgage was created on 3.12.2001.

6. The petitioners were subjected to notice on 23.8.2002 under section 47A(3) of the the Indian Stamp Act, 1899 (for short 1899 Act'), which envisages that Collector (Stamps) may suo motu within five years from the date of registration of any instrument not already referred to him under sub-section (1), call for and examine the instrument for the purposes of satisfying himself as to the correctness of the market value of the property which is the subject of any such instrument and the duty payable thereon and if, after such examination, he has reason to believe that market value of such property has not been truly set forth in the instrument, he may determine the market value of such property and the duty as aforesaid in accordance with the procedure provided for in sub section (2) the difference if any in the amount of duty shall be payable by the person liable to pay the duty.

7. The proceedings initiated under section 33 read with section 48A of 1899 Act in furtherance to said notice culminated into an order dated 8.11.2002 holding the petitioners liable to pay the deficit stamp duty of 4+1% amounting to Rs.Four lacs and the penalty thereon under section 40 to the tune of Rs.4,000/-. The reasons which find mention in the order are :

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