refer it by assigning proper reasons to the Collector for determination of proper market value of the property and the proper duty payable thereon. (2) On receipt of a reference under sub-section (1), the Collector shall, after giving one month’s time to the parties for making their representation and after holding an enquiry determine the market value of the property which is the subject matter of such instrument and the duty as aforesaid. The difference, if any, in the amount of duty, shall be payable by the person liable to pay the duty: Provided that no such person shall be required to pay any amount to make up the difference if the difference between the consideration or the market value as set forth in the instrument [or is less than even the minimum value determined in accordance with any rules made under this Act] and the market value determined by the Collector does not exceed 10 per cent of the market value so determined. (3) The Collector may suo motu within two years from the date of registration of such instrument not already referred to him under sub-section(1), call for and examine the instrument for the purpose of satisfying himself as to the correctness of the market value of the property which is the subject matter of such instrument and the duty payable thereon and if, after such examination, he has reason to believe that the market value of such property, has not been rightly set forth in the instrument, or is less than even the minimum value determined in accordance with any rules made under the Act he may determine the market value of such property and the duty as aforesaid in accordance with the procedure provided for in subsection (2). The difference, if any, in the amount of duty, shall be payable by the person liable to pay the duty;
