Section 2(m) in The Wealth- Tax Act, 1957

Central Government Act

(m) " net wealth" means the amount by which the aggregate value computed in accordance with the provisions of this 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 this 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; 4[

(ii) debts which are secured on, or which have been incurred in relation to, 5[ any property in respect of

1. Ins. by Act 20 of 1967, s. 34 (retrospectively). 2 Ins. by Act 46 of 1964, s. 2 (w. e. f. 1- 4- 1965 ). 3 Subs. by s. 2, ibid., for cl. (j) (w. e. f. 1- 4- 1965 ). 4 The word" and" omitted by Act 12 of 1959, s. 20 (retrospectively). 5 Subs. by Act 46 of 1964, s. 2, for certain words (w. e. f. 1- 4- 1965 ). 6 Ins. by Act 16 of 1972, s. 44 (retrospectively). 7 Relettered ibid. (w. e. f. 1- 4- 1965 ).

which wealth- tax is not chargeable] under this Act; 1[ and]

(iii) 1[ the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this Act or any law relating to taxation of income or profits, or the Estate Duty Act, 1953 , (34 of 1953 .) the Expenditure- tax Act, 1957 , (29 of 1957 .) or the Gift- tax Act, 1958 , (18 of 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 twelve months on the valuation date;]