Special provision in respect of specified business.

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....e claimed by him for any three consecutive assessment years out of ^2[^6[ten] years] beginning from the year in which the eligible start-up is incorporated. (3) This section applies to a start-up which fulfils the following conditions, namely:- (i) it is not formed by splitting up, or the reconstruction, of a business already in existence: Provided that this condition shall not apply in respect of a start-up which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such undertaking as 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 ....

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....tion,- ^3[(i) "eligible business" means a business carried out by an eligible start-up engaged in innovation, development or improvement of products or processes or services or a scalable business model with a high potential of employment generation or wealth creation;] (ii) "eligible start-up" means a company or a limited liability partnership engaged in eligible business which fulfils the following conditions, namely:- (a) it is incorporated on or after the 1st day of April, 2016 but before the 1st day of April, ^12[2030]; (b) the total turnover of its business does not exceed ^7[one hundred] crore rupees ^5[in the previous year relevant to the assessment year for which deduction under sub-section (1) i....