1986 (11) TMI 81

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....-79. On the relevant valuation date, the assessee held shares in Dandeli Ferro Alloys (P.) Ltd. The valuation was done in accordance with the provisions of rule 1D of the Wealth-tax Rules, 1957. The submissions of the assessee before the WTO was that the value of goodwill which had been shown as an asset in the balance sheet should not be included in the value of assets for making computation unde....

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....sset in the computation. The first item is the amount of advance tax paid. We are not concerned with that item. Under the second clause what is mentioned is any amount shown in the balance sheet including the debit balance of the profit and loss account or the profit and loss appropriation account which does not represent the value of any asset. The goodwill which is shown as an asset in the balan....

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....T v. Rajendra Singh Singhi [1969] 72 ITR 245 (Cal.). That case dealt with valuation under general bread-up method and not under rule 1D. The provisions of rule 1D were not the subject-matter of interpretation in the said case. Consequently, that decision was not of no assistance. In this connection, we may refer to the decision of the Delhi High Court in CWT v. K. N. Khanna [1971] 81 ITR 117 where....