10a exemption for existing unit

Hi All,

I have a query on eligibility of Section 10A in the below case:

A Company incorporated in Jan-2006 and got registered as a STPI unit in Feb 2008. Existing Business before registration with existing assets were carried on in the new STPI unit. Is this Unit eligible for exemption u/s. 10A although the existing Plant and Machinery is more than 20% as per sub clause iii of Section 10A(2).

I would appreciate if you could help me in this.

Thanks

Roshan