Case Law Details
Advocate Akhilesh Kumar Sah
CIT Vs Canon India Private Limited (Delhi High Court)
Canon India Case: Unutilized Subsidy Reflected As Current Liabilities In Balance Sheet Not An Income As Per Matching Concept
In CIT vs. Canon India Private Limited [ITA 137/2014, 138/2014, A.Y. 2006-07, 2007-08 & 2008-09, decided on 03.08.2015], briefly, the Assessee being a wholly owned subsidiary of Canon Singapore Pvt. Ltd. (hereafter ‘CSPL’) started its operations in India in 1996. During the course of its business, the Assessee entered into various agreements/transactions with the Canon Group of Companies. These transactions pertained to purchase and resale of Canon products such as photocopiers, printers, scanners and cameras in India. The Assessee was also engaged in software development and as a part of its business, exports software and provides software related services to other Canon Group of Companies.
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