Bearer is a negotiable instrument within the meaning of the Negotiable Instruments Act, 1881.

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.... 28-10-65 that a promissory note payable to order or to bearer is a negotiable instrument within the meaning of the Negotiable Instruments Act, 1881, and comes within the purview of 'other valuable article or thing' as contemplated by section 132(1)(c) attracting thereby by the provisions of section 132(5) regarding summary assessment. It has been suggested that promissory notes would real....

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....y. vi) Other valuable articles or things. At some places in section 132 all the expressions have been used together, while at other places only the first two or the last four have been used together. At some other places in section 132 along with the first two expressions, the word 'assets' has been used in place of the last four. Reading the various sub-sections and clauses of....

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.... value of the promissory note, if the assessee can be pursuaded to do so. In cases where the assessee refuses to deposit an equivalent amount, no useful purpose would be served by retaining the promissory notes. On the other hand, it would involve the Department in litigation if the amount due under the promissory note becomes irrecoverable because of the failure to return it to the assessee. In s....