(2)This section applies to any industrial undertaking which fulfills all the following conditions, namely:-(i)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 industrial undertaking which is formed as a result of the re-establishment, reconstruction or revised by the assessee of the business of any such industrial undertaking as is referred to in section 33-B, in the circumstances and within the period specified in that section;(ii)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 (3) of section 80-IA shall apply for the purposes of clause (ii) of this sub-section as they apply for the purposes of clause (ii) of that sub-section.
