Harbans Singh, J.

1. This order will dispose of two writ petitions, one filed by the State of Punjab (C. W. 2291 of 1970) and the other by a private person (C. W. 2673 of 1970), challenging the validity of Section 24 of the Finance Act, 1969 , so far as the same amended relevant provision of Wealth Tax Act, 1957 , and included the capital value of agricultural land in computing the total assets on which wealth tax is payable.

2. The Wealth-Tax Act, 1957, (Act No. 27 of 1957) was passed by the Parliament in September 1957 imposing tax on the "net wealth" on the corresponding valuation date of every individual, Hindu undivided family and company. Clause (m) of Section 2 defined "net wealth". Relevant part of the definition necessary for the purpose of the controversy before us is as follows:-

"net wealth" means the amount by which the aggregate value computed in accordance with the provisions of this Act on all the assets, wherever located, belonging to the assessee on the valuation date ...., is in excess of the aggregate value of all the debts owed by the assessee on the valuation date, ...."

3. The definition of "assets" given in Section 2(e) as it existed prior to the ame