State Can Impose Stamp Duty On Insurance Policies Executed Within State : Supreme Court Rejects LIC's Challenge To Rajasthan's Demand

In a significant legal development, the Supreme Court of India has provided a comprehensive clarification on the imposition of stamp duty for insurance policies under the Rajasthan Stamp Law Adaptation Act, 1952. This ruling, arising from the case of Life Insurance Corporation of India versus The State of Rajasthan and Others (Civil Appeal No. 3391 of 2011), carries significant implications for insurance companies operating within Rajasthan. Case Background The case…