(1) An agreement for the sale or transfer of dutiable property that is
cancelled is not liable to duty under this Chapter if the Chief Commissioner
is satisfied--
(a) that the agreement was not cancelled to give effect to a
subsale, or
(b) that the purchaser or transferee under the agreement is a
promoter of a named company proposed to be incorporated and that the company
is the purchaser or transferee of the dutiable property under a subsequent
agreement, or
(c) that the purchaser or transferee under the agreement and
the purchaser or transferee under a subsequent agreement relating to the same
dutiable property were related persons when the agreement that is cancelled
was entered into.
(2) If duty has been paid on an agreement that is not
liable to duty under this Chapter because of this section, the Chief
Commissioner must reassess and refund the duty if an application for a refund
is made within--