(1) Where too low a fee has been paid on any probate or letters of administration in consequence of any mistake or of its not being known at the time that some particular part of the estate belonged to the deceased, if any executor or administrator, acting under such probate or letters, apply to the Collector in the form set forth in Part II of Schedule III and pays within six months after the discovery of the mistake or of any effects not known at the time to have belonged to the deceased, the difference between the fee which ought to have been paid in the first instance on such probate or letters and the fee actually paid, the Collector shall, if satisfied that insufficient fee was paid in the first instance in consequence of a mistake and without any intention to defraud or to delay the payment of the proper fee, cause the probate or letters to be duly stamped.
(2) If, in a case falling under sub-section (1), the executor or administrator does not, within six months referred to in that sub-section, pay the deficit fee, he shall forfeit a sum equal to five times the deficit fee.
(3) If, no application being made under sub-section (1), the Collector is satisfied that the application was not made within six months of the discovery of the mistake or of further effects not included in the original valuation or that the payment of insufficient fee in the first instance was not due to a bonafide mistake, he shall cause the probate or letters to be duly stamped on payment of the deficit fee together with a penalty not exceeding five time such fee.
(4) If, after the grant of probate or letters of administration of an estate, it if found by the Collector as a result of proceedings under section 54 or section 55 or otherwise, that a less fee has been paid than that payable according to the true value of the estate, he shall cause the probate or letters to be properly stamped on payment of the deficit fee, and if he is satisfied that the original under valuation was not bonafide he shall levy in addition a penalty not exceeding five times the deficit fee.
(5) The Board of Revenue may remit the whole or any part of the amount forfeited under sub-section (2) or of any penalty under sub-section (3) or sub-section (4).