The Supreme Court on April 30 dismissed the appeals filed by the Life Insurance Corporation (LIC) against the demand of stamp duty of approximately Rs 1.19 crores raised by the State of Rajasthan. The Court upheld the legislative competence of the State to levy stamp duty on insurance policies executed within the State subject to the rates determined by the Central legislation.The Bench comprising Justices PS Narasimha and Aravind Kumar observed that the power and jurisdiction of the State…
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Supreme Court Rejects LIC’s Challenge To Rajasthan’s Demand
