(3)This section applies to any undertaking which fulfils all the following conditions:—(a)it is not formed by splitting up, or the reconstruction, of a business already in existence (other than an undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such undertaking as is referred to in section 140(4), in the circumstances and within the period specified therein);(b)it is not formed by the transfer to a new business of machinery or plant previously used for any purpose.
