Subsidy received under PSI 2007 and Explanation 10 To Sec.43

Assessee is a Private limited co engaged in manuf of  dairy products. In the year 2012-13, assessee co has received subsidy from the Govt of Maharashtra, in respect of investment in Plant at back ward area in the status of  Mega Project under the Package Scheme of Incentives, 2007, ('PSI'). As per the Eligibility Certificate, assessee co  shall be entitled to: a.Electricity Duty exemption for the period of 7 years from the date of commencement of commercial production. b.100% exemption from payment of stamp duty under relevant Government Resolution of Revenue and Forest Department. c.Industrial Promotion Subsidy (`IPS') equivalent to…

► Read Answer