https://www.taxtmi.com/caselaws?id=108488 A duly executed promissory note carries a rebuttable presumption of consideration under Section 118 of the Negotiable Instruments Act, and the burden first lies on the defendant to rebut that presumption with credible evidence on a preponderance of probabilities. The defendant failed to discharge that burden, so the presumption remained intact. Non-production of the plaintiff's account books did not, by itself, warrant an adverse inference under Section 114 of the Evidence Act, because there was no clear basis to require those records for the transaction. The lower appellate court therefore erred in treating that omission as sufficient to negate the statutory presumption. en-us Fri, 07 Mar 2003 00:00:00 +0530 Sat, 31 Mar 2012 18:08:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108488 A duly executed promissory note carries a rebuttable presumption of consideration under Section 118 of the Negotiable Instruments Act, and the burden first lies on the defendant to rebut that presumption with credible evidence on a preponderance of probabilities. The defendant failed to discharge that burden, so the presumption remained intact. Non-production of the plaintiff's account books did not, by itself, warrant an adverse inference under Section 114 of the Evidence Act, because there was no clear basis to require those records for the transaction. The lower appellate court therefore erred in treating that omission as sufficient to negate the statutory presumption. Case-Laws Companies Law Fri, 07 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108488