https://www.taxtmi.com/caselaws?id=301551 The statutory presumption arising from an admitted promissory note is rebuttable and may be displaced by circumstantial evidence and adverse inference from suppression of material documents. On the facts, the borrower had not been paid on the date of execution, the alleged later payment to the supplier was not proved by pay order particulars, and actual supply of the pumpset was not established. The withholding of inspection notes further weakened the claim. Once the presumption was rebutted, the burden shifted back to the bank, which failed to prove consideration and supply. The decree could not therefore be sustained. en-us Fri, 05 Feb 1999 00:00:00 +0530 Fri, 08 Apr 2022 13:04:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301551 The statutory presumption arising from an admitted promissory note is rebuttable and may be displaced by circumstantial evidence and adverse inference from suppression of material documents. On the facts, the borrower had not been paid on the date of execution, the alleged later payment to the supplier was not proved by pay order particulars, and actual supply of the pumpset was not established. The withholding of inspection notes further weakened the claim. Once the presumption was rebutted, the burden shifted back to the bank, which failed to prove consideration and supply. The decree could not therefore be sustained. Case-Laws Indian Laws Fri, 05 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301551