Unutilized Subsidy shown as Current Liabilities is Not An Income As Per Matching Concept

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 Com...