STPI registration suffices for Section 10B deduction; separate Board approval was not required on these facts.

STPI registration as a 100% export oriented undertaking was treated as sufficient for deduction under Section 10B, where the Tribunal followed its consistent line of authority and later instructions and precedent. Separate approval by the Board constituted under the Industries (Development and Regulation) Act was not regarded as an additional prerequisite on these facts, and the earlier view relied on by the Assessing Officer was treated as inapplicable. The result was that the deduction was allowed on the basis of STPI registration alone.

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Issues: Whether an assessee registered with Software Technology Park of India as a 100% export oriented undertaking is entitled to deduction under Section 10B of the Income-tax Act, 1961 without separate approval by the Board constituted under Section 14 of the Industries (Development and Regulation) Act, 1951.

Analysis: The assessee had been registered with STPI as a 100% export oriented undertaking and the claim for deduction under Section 10B was supported by the line of Tribunal decisions holding that STPI registration satisfies the requirement for the deduction. The earlier view relied on by the Assessing Officer was treated as inapplicable in the light of later instructions and judicial precedent, and the Tribunal followed the consistent view taken in similar cases.

Conclusion: The assessee was held entitled to deduction under Section 10B on the basis of STPI registration, and separate approval by the Board was not treated as a further requirement on these facts.

Ratio Decidendi: For deduction under Section 10B, STPI registration as a 100% export oriented undertaking was sufficient where the Tribunal's consistent line of authority treated separate Board approval as unnecessary on the facts considered.

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