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of <h1>Clarification on Section 10A Deductions: Approval by STP Directors Valid for Export Profits; Completed Assessments Held in Abeyance.</h1> The circular clarifies the conditions under which deductions under Section 10A of the Income-tax Act, 1961, are applicable. Section 10A provides a 100% deduction of profits from exports by eligible undertakings for ten consecutive assessment years. Eligibility requires the undertaking to be in specific zones and not formed by splitting or reconstructing existing businesses. The circular addresses ambiguities regarding approvals for Software Technology Parks (STPs), stating that deductions should not be denied solely because approval was granted by STP Directors rather than the Inter-Ministerial Standing Committee. Completed assessments disallowing claims based on this ground should be held in abeyance.
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