Section 10B deduction cannot be denied merely for missing approval letter when competent authority certificate is on record.

Deduction under Section 10B could not be denied merely because the approval letter was not produced when the export oriented undertaking certificate issued by the competent authority was already on record. The Assessing Officer's disallowance rested only on non-production of the Board approval letter, but the appellate authority and Tribunal treated the competent authority's certificate as sufficient for the statutory benefit. Applying the binding view, the Court held that absence of the approval letter by itself did not justify denial of the deduction. The disallowance was correctly deleted and no substantial question of law arose.

---

---

Issues: Whether deduction under Section 10B could be denied merely because the assessee did not produce the Board approval letter, when the export oriented undertaking certificate issued by the competent authority was on record.

Analysis: The Assessing Officer had disallowed the claim on the ground that the approval letter from the Board appointed under the Industries (Development and Regulation) Act, 1951 was not produced. The appellate authority and the Tribunal found that the export oriented undertaking certificate issued by the competent authority was available on record. The Court followed the binding view that once the assessee holds the certificate issued by the competent authority, absence of the approval letter by itself cannot justify denial of the statutory benefit under Section 10B.

Conclusion: The disallowance was rightly deleted and the question proposed by the Revenue did not give rise to any substantial question of law; the appeal failed.

---