Method favourable to taxpayer should be adopted cannot be contended If statute is unambiguous

Learned counsel for the appellants has  submitted that in the event there are more than one methods of valuation of an asset of an assessee, the method under which the valuation is in favour of assessee has to be accepted. He has relied on the judgment of this Court in The Commissioner of Income Tax, West Bengal, Calcutta vs. M/s. Vegetables Products Ltd., (1973) 1 SCC 442. This Court in paragraph 6 of the judgment has laid down the following:

Please become a Premium member. If you are already a Premium member, login here to access the full content.