JUDGMENT :

A.M. Ahmadi, J.

The Wealth-tax Act, 1957 (hereinafter called " the Act "), was enacted to provide for the levy of wealth-tax and came into force with effect from April 1, 1957. The charging provision, section 3, provides for the levy of wealth-tax in respect of the net wealth of every individual, Hindu undivided family and company at the specified rates. The expression " net wealth " is defined in section 2(m) as the amount by which the aggregate value computed in accordance with the provisions of the 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 Act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than debts exempted by section 6, debts which are in the nature of encumbrances on any property which is not chargeable under the Act or the amount of tax, penalty or interest payable pursuant to an order passed under the Act or any other law relating to taxation. Section 4 enumerates the assets to be included in computing the net wealth. Sections 5 and 6 exempt certain assets in India and outside I