(i) it is owned by an Indian company and is wholly used for the purposes of the business carried on by it;

(ii) it was not, previous to the date of its acquisition by the Indian company, owned and used in Indian territorial waters by a person resident in India; and

(iii) it is brought into use by the Indian company at any time within a period of 1[ thirty- three] years next following the 1st day of April, 1948 .