Conditions for tax on income of certain companies and co-operative societies.

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....rposes of section 201 or 204, the following conditions shall apply to the assessee:- (a) its business is not formed by splitting up, or the reconstruction, of a business already in existence, unless it is formed as a result of the re-establishment, reconstruction or revival of the business of any such undertaking as is referred to in section 140(4) in the circumstances and within the period specified in the said section; (b) it does not use any machinery or plant, previously used for any purpose, other than- (i) permitted machinery or plant used outside India; (ii) machinery or plant or any part thereof previously used for any purpose and the total value of such machinery or plant or any part thereof put ....

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....not be issued, the guideline shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that guideline. (5) For the purposes of section 201,-- (a) where it appears to the Assessing Officer that, owing to the close connection between the person to which the said section applies and any other person, or for any other reason, the course of business between them is so arranged that the business transacted between them produces to the assessee more than the ordinary profits which might be expected to arise in such business, then the Assessing Officer shall, in computing....