M.N. Roy, J. - (1.) "Net wealth" under the Wealth-tax Act, 1957 (hereinafter referred to as "the said Act"), means the amount by which the aggregate value computed in accordance with the provisions of the said Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under the said Act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than- (i) debts which under Section 6 are not to be taken into account; (ii) debts which are secured on, or which have been incurred in relation to, any property in respect of which wealth-tax is not chargeable under this Act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of the Act, or any law relating to taxation of income or profits, or the E.D. Act, 1953, the Expenditure-tax Act, 1957, or the G.T. Act, 1958, (a) which is outstanding on the valuation date and is claimed by the assessee in appeal, revision or other proceeding as not being payable by him, or (b) which, although not claimed by the assessee as not being payable by him, is nevertheless outstanding for a period of more than 12 months on the valuation date; and the said Act has defined " assessee " as a person by whom wealth-tax or any other sum of money is payable under the said Act, and includes, (i) every person in respect of whom any proceeding, under the said Act, has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due to him or such other person ; (ii) every person who is deemed to be an assessee under the said Act; and (iii) every person who is deemed to be an assessee in default under the said Act. " Assets ", under the said Act, includes property of every description, movable or immovable, but does not include- (1) in relation to the assessment year commencing on the 1st day of April, 1969, or any earlier assessment year: (i) agricultural land and growing crops, grass or standing trees on such land ; and (ii) any building owned or occupied by a cultivator, or the receiver of rent or revenue out of, agricultural land; provided that the building is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of rent or revenue by reason of his connection with the land requires as a dwelling house or a store-house or an out-house ; (iii) animals ; (iv) a right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum grant ; and (v) any interest in property where the interest is available to an assessee for a period not exceeding six years from the date the interest vests in the assessee ; (2) In relation to the assessment year commencing on the 1st day of April, 1970, or any subsequent assessment year, (i) animals ; (ii) a right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum grant; (iii) any interest in property where the interest is available to an assessee for a period not exceeding six years from the date the interest vests in the assessee:
(2.) Provided that in relation to the assessment year commencing on the 1st day of April, 1981, or any subsequent assessment year this sub-clause shall have effect subject to the modification that for item (1) thereof, the following item shall be substituted, namely:-- (i)(a) agricultural land other than land comprised in any tea, coffee, rubber or cardamom plantation ; (b) any building owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land other than land comprised in any tea, coffee, rubber or cardamom plantation :
(3.) Provided that the building is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of the rent or revenue by reason of his connection with the land requires as a dwelling house or store house or an out-house ; (c) animals.;