1987 (7) TMI 136 - AT - Wealth-tax

Summary

The Appellate Tribunal ITAT BOMBAY-A dismissed the appeals by the Revenue regarding the deletion of an addition of Rs. 10 lacs made to the net wealth of the assessee for the assessments of 1978-79 and 1979-80. The addition was deleted because the entry made for goodwill was deemed fictitious and did not represent a real asset, as per r. 2D(d) of the WT Rules and CBDT Circular No.96, dt. 25th Nov., 1972.