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15C. Exemption from tax of newly established industrial undertakings.—(1) Save as otherwise hereinafter provided, the tax shall not be payable by an assessee on so much of the profits or gains derived from any industrial undertaking
[or hotel] to which this section applies as do not exceed six per cent, per annum on the capital employed in the undertaking
[or hotel], computed in accordance with such rules as may be made in this behalf by the Central Board of Revenue.(2) This section applies to any industrial undertaking which—(
i) is not formed by the splitting up, or the reconstruction, of business already in existence or by the transfer to a new business of building, machinery or plant
[previously used in any other business];(
ii) has begun or begins to manufacture or produce articles in
[any part of the taxable territories] at any time within a period of
[eighteen] years from the 1st day of April, 1948, or such further period as the Central Government may, by notification in the Official Gazette, specify with reference to any particular industrial undertaking;
[(
iii) employs ten or more workers in a manufacturing process carried on with the aid of power, or employs twenty or more workers in a manufacturing process carried on without the aid of power:]
Provided that the Central Government may, by notification in the Official Gazette, direct that the exemption conferred by this section shall not apply to any particular industrial undertaking.
[(2A) This section applies to any hotel which—(
a) starts functioning on or after the 1st day of April, 1961, and is not formed by the splitting up, or the reconstruction, of business already in existence or by the transfer to a new business of building, machinery or plant previously used in any other business;(
b) is owned and run by a company
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