(3)This section shall apply to the specified business fulfilling all of the following conditions:—(a)it is not set up by splitting up, or the reconstruction, of an already existing business;(b)it is not set up by the transfer of machinery or plant previously used for any purpose to the specified business;(c)if the business is of the nature referred to in sub-section (11)(d)(iii) and such business—(i)is owned by a company formed and registered in India under the 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 Act or State Act;(ii)has been approved by the Petroleum and Natural Gas Regulatory Board established under section 3(1) of the Petroleum and Natural Gas Regulatory Board Act, 2006 and notified by the Central Government in this behalf;(iii)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 section 3(1) of the Petroleum and Natural Gas Regulatory Board Act, 2006 available for use on common carrier basis by any person other than the assessee or an associated person; and(iv)fulfils any other condition as may be prescribed;(d)if the business is of the nature referred to in sub-section (11)(d)(xiv), such business,—(i)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 Act or State Act;(ii)entity referred to in sub-clause (i) 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.
