Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
Execution of a promissory note proved by admitted signatures, a...
Promissory note presumption of consideration survives blank-signature and income-tax non-disclosure objections when admissions and attesting evidence prove execution
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Execution of a promissory note proved by admitted signatures, a handwritten reply, and attesting evidence attracts the presumption of consideration, and a blank signed note may operate as an inchoate instrument unless rebutted. The forgery plea failed because no expert or other rebuttal evidence was produced, and the admission in the pre-suit reply was treated as the best evidence of liability. Non-disclosure of the transaction in income tax returns, especially when not specifically pleaded, does not by itself make the debt unenforceable between the parties or defeat recovery on the proved note.
Execution of a promissory note proved by admitted signatures, a handwritten reply, and attesting evidence attracts the presumption of consideration, and a blank signed note may operate as an inchoate instrument unless rebutted. The forgery plea failed because no expert or other rebuttal evidence was produced, and the admission in the pre-suit reply was treated as the best evidence of liability. Non-disclosure of the transaction in income tax returns, especially when not specifically pleaded, does not by itself make the debt unenforceable between the parties or defeat recovery on the proved note.
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