R. RATILAL & CO. vs NATIONAL SECURITY ASSURANCE CO. LTD.

The Supreme Court held that an unstamped letter of cover for fire insurance is not admissible in evidence under Section 35 of the Indian Stamp Act, 1899, as it does not constitute a policy of insurance. The Court clarified that a letter of cover is chargeable with duty under Section 3 of the Stamp Act and can only be admitted upon payment of the requisite duty and penalty. The dissenting opinion argued that any subsequent affixing of the stamp does not validate the document for enforcing claims.