https://www.taxtmi.com/caselaws?id=759899 Admission of execution of a promissory note raises a rebuttable presumption of consideration under Section 118 of the Negotiable Instruments Act, but the defendant may displace it on a preponderance of probabilities by showing surrounding circumstances that make the transaction improbable. Here, the absence of income records or contemporaneous proof of lending, together with material inconsistencies in the testimony on when and how the money was advanced, rebutted the presumption. Once rebutted, the burden shifted back to the plaintiff, who failed to prove passing of consideration satisfactorily, so the decree on the suit could not be sustained. en-us Fri, 27 Sep 2024 00:00:00 +0530 Tue, 08 Oct 2024 15:31:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759899 Admission of execution of a promissory note raises a rebuttable presumption of consideration under Section 118 of the Negotiable Instruments Act, but the defendant may displace it on a preponderance of probabilities by showing surrounding circumstances that make the transaction improbable. Here, the absence of income records or contemporaneous proof of lending, together with material inconsistencies in the testimony on when and how the money was advanced, rebutted the presumption. Once rebutted, the burden shifted back to the plaintiff, who failed to prove passing of consideration satisfactorily, so the decree on the suit could not be sustained. Case-Laws Indian Laws Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759899