https://www.taxtmi.com/caselaws?id=410798 Once execution of a promissory note is admitted, the statutory presumption of consideration under Section 118 of the Negotiable Instruments Act applies in favour of the holder. The defendant's plea that the note was signed on a blank instrument for security in a chit transaction was not supported by independent oral or documentary evidence, and minor inconsistencies in the plaintiff's witnesses did not dislodge the presumption. The party denying liability must rebut the presumption on a balance of probabilities, and that burden was not discharged here. The first appellate court was therefore wrong to reverse the decree on that basis, and the suit stood decreed. en-us Fri, 30 Apr 2021 00:00:00 +0530 Tue, 10 Aug 2021 08:57:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410798 Once execution of a promissory note is admitted, the statutory presumption of consideration under Section 118 of the Negotiable Instruments Act applies in favour of the holder. The defendant's plea that the note was signed on a blank instrument for security in a chit transaction was not supported by independent oral or documentary evidence, and minor inconsistencies in the plaintiff's witnesses did not dislodge the presumption. The party denying liability must rebut the presumption on a balance of probabilities, and that burden was not discharged here. The first appellate court was therefore wrong to reverse the decree on that basis, and the suit stood decreed. Case-Laws Indian Laws Fri, 30 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410798