https://www.taxtmi.com/caselaws?id=304108 A document framed as a letter, recording an account between the parties and specifying the amount due together with repayment by instalments, was held to be an acknowledgement of liability with an agreement to pay, not a promissory note. Because it contained no unconditional promise to pay on demand and lacked the negotiable character required of a promissory note, its form, contents, and surrounding circumstances showed that the parties intended only to settle the debt on agreed terms. The construction favouring justice was applied. The appeal succeeded and the matter was remanded for decision of the remaining issues on the footing that the document was not a promissory note. en-us Thu, 19 Jan 1967 00:00:00 +0530 Thu, 08 Sep 2022 12:04:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304108 A document framed as a letter, recording an account between the parties and specifying the amount due together with repayment by instalments, was held to be an acknowledgement of liability with an agreement to pay, not a promissory note. Because it contained no unconditional promise to pay on demand and lacked the negotiable character required of a promissory note, its form, contents, and surrounding circumstances showed that the parties intended only to settle the debt on agreed terms. The construction favouring justice was applied. The appeal succeeded and the matter was remanded for decision of the remaining issues on the footing that the document was not a promissory note. Case-Laws Indian Laws Thu, 19 Jan 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304108