(2)This section applies to any industrial undertaking which fulfils 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 revival by the assessee of the business of any such industrial undertaking as is referred to in section 33B, 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.
