Query related to accounting treatment of government grant for fixed asset received

As per Accounting Standard 12 "Government grants should not be recognised until there is a reasonable assurance that
(i) the enterprise will comply with the conditions attached to them, and
(ii) the grants will be received."
Assuming that these conditions were not present in previous year hence not recognizing in p.y. is correct.
So, this year you have to record it by showing as a deduction from the gross value of the assets concerned and depreciated over the remaining useful life of asset.
Alternatively, “government grants related to depreciable fixed assets may be treated as deferred income which should be recognised in the profit and loss statement on a systematic and rational basis over the useful life of the asset, i.e., such grants should be allocated to income over the periods and in the proportions in which depreciation on those assets is charged.