Rajasthan Stamp Act, 1998–Secs. 2(23) & 51–Plea of State that due to prospective use of land as industrial land and stamp duty should have been in accordance with the market value of the land to be assessed while treating it to be industrial land and not agricultural, is not sustainable–Market value has to be determined on the basis of the price which such property would have fetched or would fetch, if sold in the open market on the date of execution of such instrument–The market value of the land which has to be registered has to be assessed on the basis of nature of the property on the date of execution of the agreement and not on the basis of prospective use of the land–Impugned order passed by the Tax Board and subsequent notice quashed.
