(11)For the purposes of this section,—(a)"associated person", in relation to the assessee, means a person,—(i)who participates, directly or indirectly, or through one or more intermediaries in the management or control or capital of the assessee;(ii)who holds, directly or indirectly, shares carrying at least 26% of the voting power in the capital of the assessee;(iii)who appoints more than half of the board of directors or members of the governing board, or one or more executive directors or executive members of the governing board of the assessee; or(iv)who guarantees at least 10% of the total borrowings of the assessee;(b)"cold chain facility" means a chain of facilities for storage or transportation of agricultural and forest produce, meat and meat products, poultry, marine and dairy products, products of horticulture, floriculture and apiculture and processed food items under scientifically controlled conditions including refrigeration and other facilities necessary for the preservation of such produce;(c)"infrastructure facility" means—(i)a road including toll road, a bridge or a rail system;(ii)a highway project including housing or other activities being an integral part of the highway project;(iii)a water supply project, water treatment system, irrigation project, sanitation and sewerage system or solid waste management system;(iv)a port, airport, inland waterway, inland port or navigational channel in the sea;(d)"specified business" means any one or more of the following businesses:—(i)setting up and operating a cold chain facility;(ii)setting up and operating a warehousing facility for storage of agricultural produce;(iii)laying and operating a cross-country natural gas or crude or petroleum oil pipeline network for distribution, including storage facilities being an integral part of such network;(iv)building and operating, anywhere in India, a hotel of two star or above category as classified by the Central Government;(v)building and operating, anywhere in India, a hospital with at least 100 beds for patients;(vi)developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government and which is notified by the Board in this behalf in accordance with the guidelines as may be prescribed;(vii)developing and building a housing project under a scheme for affordable housing framed by the Central Government or a State Government and which is notified by the Board in this behalf in accordance with the guidelines may be prescribed;(viii)production of fertilizer in India;(ix)setting up and operating an inland container depot or a container freight station notified or approved under the Customs Act, 1962;(x)bee-keeping and production of honey and beeswax;(xi)setting up and operating a warehousing facility for storage of sugar;(xii)laying and operating a slurry pipeline for the transportation of iron ore;(xiii)setting up and operating a semiconductor wafer fabrication manufacturing unit which is notified by the Board in this behalf in accordance with the guidelines as may be prescribed;(xiv)developing, or maintaining and operating, or developing, maintaining and operating, a new infrastructure facility;(e)any machinery or plant which was used outside India by any person other than the assessee shall not be regarded as machinery or plant previously used for any purpose, if—(i)such machinery or plant was not, at any time before the date of the installation by the assessee, used in India;(ii)such machinery or plant is imported into India; and(iii)no deduction of depreciation for such machinery or plant has been allowed or is allowable under the provisions of this Act in computing the total income of any person for any period before the date of installation of the machinery or plant by the assessee;(f)if any machinery or plant or its part previously used for any purpose is transferred to the specified business and its total value does not exceed 20% of the total value of the machinery or plant used in such business, then the conditions specified in sub-section (3)(b) shall be deemed to be complied with;(g)any expenditure of capital nature shall not include any expenditure––(i)for which the payment or aggregate of payments made to a person in a day, is not through specified banking or online mode, exceeds ₹ 10000 rupees; or(ii)incurred on the acquisition of any land or goodwill or financial instrument.
