(8)For the purposes of this section,—(a)an "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 not less than twenty-six per cent 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 not less than ten per cent 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;(ba)"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;(c)"specified business" means any one or more of the following business, namely :—(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 one hundred 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, as the case may be, and 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, as the case may be, and notified by the Board in this behalf in accordance with the guidelines as 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 (52 of 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 semi-conductor wafer fabrication manufacturing unit notified by the Board in accordance with such guidelines as may be prescribed37;(xiv)developing or maintaining and operating or developing, maintaining and operating a new infrastructure facility;(d)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 prior to the date of the installation by the assessee, used in India;(ii)such machinery or plant is imported into India from any country outside India; and(iii)no deduction on account of depreciation in respect of 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 prior to the date of installation of the machinery or plant by the assessee;(e)where in the case of a specified business, any machinery or plant or any part thereof previously used for any purpose is transferred to the specified business and the total value of the machinery or plant or part so transferred does not exceed twenty per cent of the total value of the machinery or plant used in such business, then, for the purposes of clause (ii) of sub-section (2), the condition specified therein shall be deemed to have been complied with;(f)any expenditure of capital nature shall not include any expenditure in respect of which the payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account 38[or through such other electronic mode as may be prescribed], exceeds ten thousand rupees or any expenditure incurred on the acquisition of any land or goodwill or financial instrument.
