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3.5. The AO asked the assessee company to submit the ratification by Inter Ministerial Standing Committee (Board) appointed by the Ministry of Industry, Department of Industrial development as envisaged in Clause-IV to explanation 2 to section 10B for allowing the claim u/s 10B of the Income tax Act, 1961. The assessee company Vide its reply dated 24/10/2011, submitted a copy of the STPI registration approval, Copies of SOFTEX forms along with invoices and copies of FIRCs. The AO noted that however the assessee company did not file the necessary approval of the Board or ratification of the decision of the Development Commissioner as required as per explanation 2(iv) to section 10B of the Income tax Act, 1961. The AO observed that though several opportunities were afforded to the assessee company to file the documentary evidence vis-a-vis explanation 2(iv) to section 10B of the Act, the assessee company failed to furnish necessary approval from the Board appointed by Central Government in exercise of the powers conferred by section 14 of the Industries (Development and Regulation) Act, 1951 (65 of 1951), and the rules made under that Act. It has therefore failed to fulfill the conditions laid down u/s 10B of the Income tax Act, 1961, and justify its eligibility in respect of the claim for the said deduction.