https://www.taxtmi.com/caselaws?id=338133 STPI approval granted under delegated governmental authority may satisfy the approval requirement for a 100% export-oriented undertaking seeking deduction under section 10B of the Income-tax Act. The provision is to be construed liberally as an incentive measure, and where two interpretations are reasonably possible, the interpretation favourable to the assessee applies. On this approach, separate approval from the Board appointed under the Industries (Development and Regulation) Act is not required where valid STPI approval exists, subject to fulfilment of other statutory conditions for the deduction. en-us Wed, 21 Sep 2016 00:00:00 +0530 Mon, 23 Jan 2017 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338133 STPI approval granted under delegated governmental authority may satisfy the approval requirement for a 100% export-oriented undertaking seeking deduction under section 10B of the Income-tax Act. The provision is to be construed liberally as an incentive measure, and where two interpretations are reasonably possible, the interpretation favourable to the assessee applies. On this approach, separate approval from the Board appointed under the Industries (Development and Regulation) Act is not required where valid STPI approval exists, subject to fulfilment of other statutory conditions for the deduction. Case-Laws Income Tax Wed, 21 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338133