Assets Constitution of India, Art 246, Schedule VII, List I, Entry 46 The word “assets” has been defined in the Century Dictionary (which is an encyclopedic lexicon of the English language) as follows : Property in general ; all that one owns, considered as applicable to the payment of his debts . . . . As a singular : Any portion of one’s property or effects so considered. (D.G. Gose & Co v. State of Kerala, (1980) 2 SCC 410 (421)