It is necessary at this stage to set out the relevant provisions of the Act as they stood at the material time : "Section 2 : In this Act, unless the context otherwise requires (e)"assets" includes property of every description, movable or immovable, but does not include (i) agricultural land and growing crops, grass or standing trees on such land; (ii) any building owned or occupied by a cultivator or receiver of rent or revenue out of agricultural land (iii)animals; (ix)a right to any annuity in any case of where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum grant; (v)any interest in property where the interest is available to an assessee for a period not exceeding six years; (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, 885 belonging to the assesses 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 assesses on the valuation date other than, (i)debts which under section 6 are not to be taken into account; and (ii)debts which are secured on, or which have been incurred in relation to, any asset in respect of which wealth tax is not payable under this Act.