In Ratna Shankar Dwivedi v. State of U.P., 2012 (116) RD 17 it was held as under:
“The term ‘market value’ has not been defined under the Act. However there are some precedents laying down certain guidelines as to how and in what manner a market value would be determined. The consensus opinion is that the market value of any property is the price which the property would fetch or would have fetched if sold, in the open market, if sold by a willing seller, unaffected by the special need of a particular purchaser. It is interesting to note that the Act provides first for determination of minimum value of the property and further says that if the market value of the property set forth in the instrument is less than the minimum value determined under the Act, in such case before registering the instrument the registering authority shall refer the instrument to Collector for determination of market value of the property and the proper duty payable thereon and when the Collector determines market value of the property thereafter the parties shall proceed accordingly. Therefore, a market value of the property in all cases cannot be said to be higher than the alleged minimum value determined under the rule by the concerned authority, in as much as, it is only a kind of guideline provided to the authorities for the purpose of considering as to whether the proper stamp duty is being paid by setting forth true market value of the property in question in the instrument. The various provisions with respect to minimum value etc. are only in aid and assistance of the authorities to find out true amount of consideration on which the parties have entered into transaction so that the correct duty is collected therefrom.”
It has also been repeatedly held that once a document is registered and stamp duty is paid, burden to prove that the value mentioned in the instrument was less than the market value is upon Collector. Ganga Dhar Gupta v. CCRA, 2019 (4) AWC 3587.