P C SRIRAMULU Vs. T P SATHYANARAYAN

JUDGEMENT

(1.) this revision petition is directed against the order dated 18-2-1992 in o.s. No. 572/1987 wherein the trial court has held that the suit document that is sought to be produced by the plaintiff as documentary evidence as being admissible as a promissory note. Defendants have raised an objection as to the admissibility of the document in question on the ground that the document as being insufficiently stamped in view of the specific recital in the document namely 'being value received'.

(2.) the contention is that stamp of the value of twenty-five paise has to be affixed for a receipt and requisite stamp of the value of twenty paise has to be affixed on the document in question as the value is Rs. 8,000/-. It is to be seen that stamp of the value, of 40 paise has been affixed on the suit document, as such, it is contended that the document is insufficiently stamped by five paise since the document sought to be produced partakes the character of promissory note and a consideration receipt and if that be the case the document cannot be either be relied upon by the plaintiff nor the same be admitted as evidence.

(3.) the document which is under consideration reads :"on demand i/we jointly and severally promise to pay Sri T.P. Sathyanarayana, No. 85, c.t. street, Bangalore-2, or order at Bangalore the sum of Rs. 8,000-00 (rupees eight thousand only) together with interest at 20% (twenty per cent) per annum being value received by us this day in cash - dated - for the purpose of our business. Dated at Bangalore, this day first of february, one thousand nine hundred and eighty-four. Sd/- 20 ps. Stamp for vishnu auto finances (r), 20 ps. Stamp partners." for purposes of appreciating the contentions advanced by the petitioner, it would be relevant to refer to some of the Provisions of the Stamp Act : Section 72 (1) of the Karnataka Stamp Act, 1957 reads :