STATE OF TAMIL NADU Vs. CREDAI, CHENNAI

JUDGEMENT

(1.) The Tamil Nadu Act No.13 of 2018 amended Indian Stamp Act, 1899 was made and certain provisions of the said amending Act, were brought into force with effect from 1/6/2010. By way of the said amending Act, Sec. 47AA was inserted in the said Act, thereby empowering the State Government to constitute a Valuation Committee at the State level for the purpose of estimation, publication and revision of market value guidelines [hereinafter referred as 'MVG', in short] of properties in the State. The said Amending Law declared the Valuation Committee as the Final Authority for formulation of policy, methodology and administration of MVG and also empowered the Valuation Committee to constitute the Valuation Sub Committee in each District for assisting the Valuation Committee functioning at the State level.

(2.) In accordance with the powers vested under the said amending Act through G.O.Ms.No.76, Commercial Taxes and Registration Department, dtd. 1/6/2010, Valuation Committee at the State level headed by Inspector General of Registration was constituted by the State Government. Further through G.O.Ms.No.75, Commercial Taxes and Registration Department, dtd. 1/6/2010, Valuation Sub Committees at the District level headed by the respective District Collectors were constituted.

(3.) Subsequent to constitution of State level and District level Committees, necessary action for calendar revision of MVG for the year 2012 was taken up by following the due procedures contemplated under the Act and the Rules thereunder and revised MVG implemented with effect from 1/4/2012. Thereafter, calendar year revision for each year was deferred and in the year 2017, considering the requests received from the stakeholders, the State Level Valuation Committee had deliberations among its members and on 31/5/2017, the Committee resolved to effect an uniform reduction of MVG by 33% and the reduced guideline values were brought into force from 9/6/2017.