https://www.taxtmi.com/caselaws?id=108488 The High Court allowed the appeal in a dispute over a promissory note, setting aside the lower appellate court's judgment. The court held that the burden to prove the absence of consideration lies with the defendant and that failure to produce account books does not necessarily imply lack of consideration. As the defendant failed to provide convincing evidence to rebut the presumption of consideration under section 118 of the Negotiable Instruments Act, the plaintiff's suit based on the promissory note was decreed in favor of the plaintiff. 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 The High Court allowed the appeal in a dispute over a promissory note, setting aside the lower appellate court's judgment. The court held that the burden to prove the absence of consideration lies with the defendant and that failure to produce account books does not necessarily imply lack of consideration. As the defendant failed to provide convincing evidence to rebut the presumption of consideration under section 118 of the Negotiable Instruments Act, the plaintiff's suit based on the promissory note was decreed in favor of the plaintiff. Case-Laws Companies Law Fri, 07 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108488