(2)This section applies to the specified business which fulfils all the following conditions, namely :—(i)it is not set up by splitting up, or the reconstruction, of a business already in existence;(ii)it is not set up by the transfer to the specified business of machinery or plant previously used for any purpose;(iii)where the business is of the nature referred to in sub-clause (iii) of clause (c) of sub-section (8), such business,—(a)is owned by a company formed and registered in India under the Companies Act, 1956 (1 of 1956) [Now Companies Act, 2013.] or by a consortium of such companies or by an authority or a board or a corporation established or constituted under any Central or State Act;(b)has been approved by the Petroleum and Natural Gas Regulatory Board established under sub-section (1) of section 3 of the Petroleum and Natural Gas Regulatory Board Act, 2006 (19 of 2006) and notified by the Central Government in the Official Gazette in this behalf;(c)has made not less than such proportion of its total pipeline capacity as specified by regulations made by the Petroleum and Natural Gas Regulatory Board established under sub-section (1) of section 3 of the Petroleum and Natural Gas Regulatory Board Act, 2006 (19 of 2006) available for use on common carrier basis by any person other than the assessee or an associated person; and(d)fulfils any other condition as may be prescribed;(iv)where the business is of the nature referred to in sub-clause (xiv) of clause (c) of sub-section (8), such business,—(A)is owned by a company registered in India or by a consortium of such companies or by an authority or a board or corporation or any other body established or constituted under any Central or State Act;(B)entity referred to in sub-clause (A) has entered into an agreement with the Central Government or a State Government or a local authority or any other statutory body for developing or operating and maintaining or developing, operating and maintaining, a new infrastructure facility.
