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(i) debts which under Section 6 are not to be taken into account;

(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....."

12. The controversy is as regards the true meaning of the expression "debts owed" found in Sec. 2(m) of the "Act". This expression is not defined in the "Act". In the instant case, we have to decide whether the agricultural income-tax to be paid for the assessment year 1959-60 is a "debt owed". Admittedly, the tax payable had not been quantified. The valuation date for the purpose of the Wealth Tax was 31-3-1959 i.e., the last day of the accounting year, relevant to the assessment year 1959-60. In the absence of any definition in the "Act" of the expression "debt owed", we are compelled to seek assistance from other sources in determining the meaning of that expression.

15. Earl Jowitt in his Dictionary of English Law, defines "debt" as follows:

"A sum of money due from one person to another -- A debt exists when a certain sum of money is owing from one person to another..... 'Debt' denotes not only the obligation of the debtor to pay, but also the right of the creditor to receive and enforce payment....."

16. Wharton in his Law Laxicon (14th Edn.) defined "debt" as follows:

"A sum of money due from one person to another. ."

17 Stroud in his Judicial Dictionary (Illrd Edition) defines "debt" thus: