Dear Rajiev, the regular definition of asset and liability are not changed in these cases... the only question is the word "contingent" .. now it means that the the existence of liability(or asset) will be confirmed only on the occurrence or non-occurrence of one or more future uncertain events.. now we have to disclose in notes to accounts, the contingent liabilities.. but we have to do nothing in regards to contingent assets as principles of prudence teach us not to recognize any gain unless realized..
I hope that your doubt is clear by now.. for more discussion, have a peek into AS29..