KASHINATH SANKARAPPA WANI vs NEW AKOT COTTON GINNING & PRESSINGCO., LTD.

The Supreme Court held that the suit filed by the appellant was barred by limitation as the amount due under the deposit receipt became payable on July 31, 1941, and no agreement was proved for repayment on demand. The Court ruled that the acknowledgments in the Board of Directors' resolution and the balance sheet did not constitute valid acknowledgments of liability under the deposit receipt. The balance sheet was deemed admissible under Section 3(b) of the Commercial Documents Evidence Act, but the presumption of authenticity was not raised due to disputes regarding the meeting's regularity, rendering the acknowledgment ineffective.