Deduction under 10A - clarification.

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....ncome-tax Act, 1961 provides for 100% deduction of profits and gains derived by an undertaking from export of articles or things or computer software manufactured or produced by it. The deduction is available for a period of ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce such articles or th....

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.... a new business of machinery or plant previously used for any purpose. 2. 'Software Technology Park' has been defined to mean any par set up in accordance with the Software Technology Park Scheme notified by the Government of India in the Ministry of Commerce and Industry. 3. In exercise of the powers conferred by sub-section (1) of section 3 of the Foreign Trade (Development and Regulation)....

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....g a STP unit was required to be submitted to the Chief Executive of STP Complex along with the details of the Software project. Such application was to be considered by an Inter-Ministerial Standing Committee (IMSC) constituted under the Chairmanship of Secretary, Department of Electronics, Government of India. 4. Subsequently, vide Notification No. 4/(RE-95/92-97) dt. 30.4.1995 issued by the D....

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....hairmanship of Secretary Department of Electronics. 5. Instances have been brought to the notice of the Board that a large number of units registered/approved by the Director of the STPI are claiming deduction u/s. 10A whereas the STP scheme requires approval by the Inter-Ministerial Standing Committee of the Department of Electronics. Accordingly, the cases of such claimants have been reopened....