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1972 (5) TMI 11 - PATNA HIGH COURTWhether debts due to the assessee from Sri A. K. Hazra and Sri N. Sahay, on the basis of the usufructuary mortgage held by the assessee, constituted assets in its hands and comprise part of its wealth? - Tribunal was in error in excluding the two sums of money due from A. K. Hazra and N. Sahai altogether from the assessee's net wealth. These two dues must, however, be valued under section 7 of the Wealth-tax Act and in valuing these dues it must be considered whether the assessee could obtain decrees on his rent notes and sue for possession based on them. No facts were considered by the Tribunal in excluding these two dues from the net wealth of the assessee and the answer to this question cannot be given in any further detail
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