https://www.taxtmi.com/caselaws?id=413140 The High Court held that the first appellate court erred in not applying the presumption under Section 118 of the Negotiable Instruments Act to the promissory note case. The court clarified that non-compliance with the Income Tax Act does not render the loan void. The High Court set aside the first appellate court's judgment, reinstated the trial court's decision, and modified it to exclude interest for the delay in filing the appeal. The second appeal was allowed with no costs awarded. en-us Thu, 09 Sep 2021 00:00:00 +0530 Mon, 04 Oct 2021 21:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413140 The High Court held that the first appellate court erred in not applying the presumption under Section 118 of the Negotiable Instruments Act to the promissory note case. The court clarified that non-compliance with the Income Tax Act does not render the loan void. The High Court set aside the first appellate court's judgment, reinstated the trial court's decision, and modified it to exclude interest for the delay in filing the appeal. The second appeal was allowed with no costs awarded. Case-Laws Indian Laws Thu, 09 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413140