https://www.taxtmi.com/caselaws?id=297992 The court found the transaction between the parties to be legal, emphasizing the acceptance of cheques and promissory notes as evidence of a legitimate deal. Defendants' defenses were deemed dishonest, especially as they had admitted liability previously. The court addressed the non-disclosure of the loan in tax returns, stating it did not render the loan irrecoverable. Defendants were granted the opportunity to defend the suit by depositing the loan amount with the court within six weeks; failure to comply would result in the suit proceeding without their defense. en-us Mon, 01 Aug 2016 00:00:00 +0530 Mon, 04 Oct 2021 20:56:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297992 The court found the transaction between the parties to be legal, emphasizing the acceptance of cheques and promissory notes as evidence of a legitimate deal. Defendants' defenses were deemed dishonest, especially as they had admitted liability previously. The court addressed the non-disclosure of the loan in tax returns, stating it did not render the loan irrecoverable. Defendants were granted the opportunity to defend the suit by depositing the loan amount with the court within six weeks; failure to comply would result in the suit proceeding without their defense. Case-Laws Indian Laws Mon, 01 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297992