Hi @Minal Patel ,
I have checked the introductions and Known issues of some related CUs in SP2010, and no related issues have been found so far. You could check if there is an issue after you add some custom code or column, I found a similar thread:
Cannot add/update the list item from code at Microsoft.SharePoint.SPGlobal.HandleComException at Microsoft.SharePoint.SPListItem.Update()
You could try to create a blank list without custom code in the current site and see if the issue recurs for further cause analysis.
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