(2)This section applies to any undertaking which fulfills the following conditions, namely:-(a)it manufactures or produces the eligible articles or things without the use of imported raw materials;(b)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;(c)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 to sub-section (2) of section 80-I shall apply for the purposes of this clause as they apply for the purposes of clause (ii) of sub-section (2) of that section;(d)ninety per cent. or more of its sale during the previous year relevant to the assessment year are by way of exports of the eligible articles or things;(e)it employs twenty or more workers during the previous year in the process of manufacture or production.
