1987 (7) TMI 136

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..... ssessments for 1978-79 and 1979-80. 2. The assessee is a partner of a firm called M/s P. Dalal and Company. In the books of account of this firm, an entry had been made on 31st Dec., 1977 debiting the goodwill and at the same time crediting the same amount to the capital account of the assessee. On the basis of this entry, the WTO made an addition of Rs. 10 lacs to the net wealth of the assesse .....

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..... 4. We have given our careful thought to the rival contentions and examined the record. The entry under consideration had not brought about any real asset of true value. It was only a fictitious asset and, as explained, to give a better image of the firm's business. Under r. 2D (d), any amount shown in the balance-sheet including a debit balance in the profit and loss account or in the profit and l .....

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