(2)[ This section applies to any undertaking which fulfills all the following conditions, namely:-(i)it manufacture or produces any articles or things or computer software;(ii)it is not formed by the splitting up, or the reconstruction, of a business already in existence:Provided that this condition shall not apply in respect of any 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 33-B, in the circumstances and within the period specified in that section;(iii)it is not formed by the transfer to a new business of machinery or plant previously used for any purpose.Explanation. - The provisions of Explanation 1 and Explanation 2 of section 80-I shall apply for the purposes of clause (iii) of this sub-section as they apply for the purposes of clause (ii) of that sub-section.
