https://www.taxtmi.com/caselaws?id=8051 The High Court held that goodwill valued at Rs. 2,50,000 in the balance sheet of M/s. B. K. Khanna and Co. (P.) Ltd. qualifies as an 'asset' under the Wealth-tax Act, 1957. Goodwill, despite being intangible, is considered a capital asset that adds value to a business and must be included in wealth tax assessments. The court ruled in favor of the revenue, awarding costs to the Commissioner. en-us Fri, 15 Jan 1971 00:00:00 +0530 Fri, 27 Mar 2009 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8051 The High Court held that goodwill valued at Rs. 2,50,000 in the balance sheet of M/s. B. K. Khanna and Co. (P.) Ltd. qualifies as an 'asset' under the Wealth-tax Act, 1957. Goodwill, despite being intangible, is considered a capital asset that adds value to a business and must be included in wealth tax assessments. The court ruled in favor of the revenue, awarding costs to the Commissioner. Case-Laws Wealth-tax Fri, 15 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8051