(2)The conditions referred to in sub-rule (1) are the following, namely :-(i)the person concerned has been regularly assessed to income-tax in India and has furnished the returns of income for all assessment years for which such returns became due on or before the date on which the application under sub-rule (1) is made;(ii)he is not in default or deemed to be in default in respect of any tax (including advance tax and tax payable under section 140A), interest, penalty, fine, or any other sum payable under the Act;(iii)[***](iv)where the person concerned is not a banking company referred to in clause (i) of sub-rule (1)-(a)he has been carrying on business or profession in India continuously for a period of not less than five years immediately preceding the date of the application, and(b)the value of the fixed assets in India of such business or profession as shown in his books for the previous year which ended immediately before the date of the application or, where the accounts in respect of such previous year have not been made up before the said date, the previous year immediately preceding that year, exceeds fifty lakhs of rupees.
