https://www.taxtmi.com/caselaws?id=298998 An instrument acknowledging receipt of money and promising repayment within six months was treated as a receipt, not a promissory note, because it did not satisfy the statutory test of negotiability or the requirement of an unconditional promise to pay a certain person or bearer. The added repayment undertaking did not change its essential character as an acknowledgment of money received. Once classified as a receipt, the instrument remained subject to impounding and admissibility rules applicable to receipts under the Stamp Act, and the objection that it was a promissory note failed. en-us Mon, 01 Nov 2010 00:00:00 +0530 Tue, 30 Nov 2021 13:00:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298998 An instrument acknowledging receipt of money and promising repayment within six months was treated as a receipt, not a promissory note, because it did not satisfy the statutory test of negotiability or the requirement of an unconditional promise to pay a certain person or bearer. The added repayment undertaking did not change its essential character as an acknowledgment of money received. Once classified as a receipt, the instrument remained subject to impounding and admissibility rules applicable to receipts under the Stamp Act, and the objection that it was a promissory note failed. Case-Laws Indian Laws Mon, 01 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298998