(2)The deduction under clause (ii) of sub-section (1) shall be allowed only if the following conditions are fulfilled, namely:-(a)the amount credited to the Special Economic Zone Re-investment Reserve Account is to be utilised-(i)for the purposes of acquiring machinery or plant which is first put to use before the expiry of a period of three years following the previous year in which the reserve was created; and(ii)until the acquisition of the machinery or plant as aforesaid, for the purposes of the business of the undertaking other than for distribution by way of dividends or profits or for remittance outside India as profits or for the creation of any asset outside India;(b)the particulars, as may be specified by the Central Board of Direct Taxes in this behalf, under clause (b) of sub-section (1-B) of section 10-A have been furnished by the assessee in respect of machinery or plant along with the return of income for the assessment year relevant to the previous year in which such plant or machinery was first put to use.
