1986 (11) TMI 81 - AT - Wealth-tax

Summary

The appeal relates to the assessment year 1978-79 regarding the inclusion of goodwill in the valuation of assets under rule 1D of the Wealth-tax Rules, 1957. The Appellate Tribunal held that goodwill should be included as it represents an asset, contrary to the assessee's argument that it should be excluded as an intangible asset. The Tribunal referenced a Delhi High Court decision supporting the inclusion of goodwill in asset valuation. The Tribunal set aside the order of the AAC and confirmed the valuation made by the WTO. The appeal was allowed.