We study approximative \(\tau \) -compactness in Banach spaces, where \(\tau \) is the norm or weak topology. The family of Banach spaces with Fréchet differentiable norms falls under the category of spaces where every \(w^*\) -closed finite codimensional subspace is approximately compact in the duals, is observed. On the other hand we derive that if every \(w^*\) -closed hyperplane in \(X^*\) is strongly proximinal then X is Asplund. We conclude that a smooth Banach space is Fréchet smooth if and only if every \(w^*\) -closed hyperplane is approximatively compact in its dual. The property approximative \(\tau \) -compactness is characterized in a variety of ways for finite codimensional subspaces. It is established that a separable Banach space X is Asplund if and only if \(X^*\) admits a dual CLUR renorming. This property is discussed in the context of quotient spaces. Stability results for approximative \(\tau \) -compactness in the spaces of Bochner integrable functions and polyhedral sum of Banach spaces are also presented.