https://www.taxtmi.com/caselaws?id=58176 Goodwill entered only as a book adjustment, without any real asset or actual payment for goodwill, was treated as a fictitious asset for valuing a partner's interest in a firm. Under the valuation rule, amounts shown in the balance-sheet that do not represent the value of any asset are excluded from net wealth computation. The departmental circular also supported exclusion unless goodwill had actually been paid for. On that basis, the addition was not justified and the deletion by the first appellate authority was sustained in favour of the assessee. en-us Wed, 22 Jul 1987 00:00:00 +0530 Fri, 17 Dec 2010 17:04:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58176 Goodwill entered only as a book adjustment, without any real asset or actual payment for goodwill, was treated as a fictitious asset for valuing a partner's interest in a firm. Under the valuation rule, amounts shown in the balance-sheet that do not represent the value of any asset are excluded from net wealth computation. The departmental circular also supported exclusion unless goodwill had actually been paid for. On that basis, the addition was not justified and the deletion by the first appellate authority was sustained in favour of the assessee. Case-Laws Wealth-tax Wed, 22 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58176