Government Subsidy under Package Scheme of Incentive, 2007 treated as income liable to tax

Shriniwas Engineering Auto Components Pvt. Ltd. Vs ACIT (ITAT Pune) ITAT Pune held that subsidy received from Maharashtra Government under the Package Scheme of Incentives, 2007 is to be treated as income liable to be taxed for the year under consideration. Accordingly, order of CIT(A) upheld and appeal dismissed. Facts- So far as the issue raised in the instant appeal is concerned, we note that AO had examined the issue of subsidy received by the assessee from the Govt. of Maharashtra for Mega Projects under the Package Scheme of Incentive, 2007 for Fixed Capital Investment by new units in u...