https://www.taxtmi.com/caselaws?id=456169 A promissory note fixing payment at a future date is not payable on demand; if the stamp affixed is insufficient, the instrument is inadmissible in evidence under the Stamp Act. Even so, where the note was executed in acknowledgment of an antecedent debt and recites prior receipt of money, the creditor may sue on the original debt as the independent cause of action. The exclusion of the instrument does not bar proof of the pre-existing liability, and Section 91 does not prevent reliance on that antecedent obligation. en-us Mon, 09 Nov 1970 00:00:00 +0530 Thu, 04 Jul 2024 14:16:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456169 A promissory note fixing payment at a future date is not payable on demand; if the stamp affixed is insufficient, the instrument is inadmissible in evidence under the Stamp Act. Even so, where the note was executed in acknowledgment of an antecedent debt and recites prior receipt of money, the creditor may sue on the original debt as the independent cause of action. The exclusion of the instrument does not bar proof of the pre-existing liability, and Section 91 does not prevent reliance on that antecedent obligation. Case-Laws Indian Laws Mon, 09 Nov 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456169