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TMI Blog2004 (1) TMI 715X X X X Extracts X X X X X X X X Extracts X X X X ..... sale deed showed a price ₹ 15.40 per sq. yard the real market value was ₹ 120 per sq. yard. To permit a party to so urge would be to give a premium to dishonesty. Parties who undervalue their documents, for purpose of payment of stamp duty, cannot be allowed to then claim that their own documents does not reflect the correct market value. Therefore as per sale instances of the comparable lands the market value, on dates of sales, were in the region of ₹ 15.37 to ₹ 15.40 per sq. yard. However there is evidence of high potentiality. The increase of 15% given by the High Court cannot therefore be said to be unreasonable. Of course, the 15% increase has to be on ₹ 15.40 which is the figure shown in the sale deed. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d been acquired filed references under Section 18. Before the Reference Court it was proved that near the acquired land there was a cold storage and a petrol pump. It was shown that the high way passed near the acquired lands. It was proved that there was a lot of building constructions going on all around the acquired land. It was thus proved that the acquired land had high potential for building construction activity. The sale deed by which the respondent had himself purchased a portion of this land, in January, 1984 for ₹ 4100/- was proved. However the respondent also relied on an order dated 28.5.1987 by which the Stamp Officer fixed the market value to be ₹ 120 per sq. yards and levied stamp duty accordingly. The Reference ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he parties at great length. It is settled law that one of the methods on which market value can be ascertained, is on basis of comparable sale deeds. As has been noticed, the Land Acquisition Officer had taken note of a sale deed of a land situated within the acquired land. That was a comparable sale deed. Further, the respondent had himself purchased a small portion of the acquired land and had tendered his own sale deed as evidence. Of course, this sale deed was for only ₹ 4100/- i.e. at the rate of ₹ 15.40 per sq. yards. Therefore, reliance was placed by the respondent on the order passed by the Stamp Officer who valued for the purposes of stamp duty, at the rate of ₹ 120 per sq. yard. As noted above, the Reference Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es a party from leading evidence contrary to the terms of a written document. It was, therefore, not open to the respondent to urge that, even though his sale deed showed a price ₹ 15.40 per sq. yard the real market value was ₹ 120 per sq. yard. To permit a party to so urge would be to give a premium to dishonesty. Parties who undervalue their documents, for purpose of payment of stamp duty, cannot be allowed to then claim that their own documents does not reflect the correct market value. Therefore as per sale instances of the comparable lands the market value, on dates of sales, were in the region of ₹ 15.37 to ₹ 15.40 per sq. yard. However there is evidence of high potentiality. The increase of 15% given by the Hi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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