(2)[ This section applies to any undertaking which fulfills all the following conditions, namely:-(i)it has begun or begins to manufacture or produce articles or things or computer software during the previous year relevant to the assessment year-(a)commencing on or after the 1st day of April, 1981, in any free trade zone; or(b)commencing on or after the 1st day of April, 1994, in any electronic hardware technology park, or, as the case may be, software technology park;(c)commencing on or after the 1st day of April, 2001 in any special economic zone;(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 undertakings 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 to sub-section (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.
