No wealth tax on land which remains vacant as per construction Plan

Brief of the case: Madras High Court held in CIT Vs M/s MIL Industries Ltd that the vacant land left on constructed property as per the construction plan of that property would not be treated as a vacant urban land because the vacant land left was the requirement of the construction plan, failing which was not possible to construct the property. Facts of the case: Assessee was having a land on which he had constructed a factory and some part of the land left vacant which was included by the AO in the net wealth of the assessee but the assessee argued that there used to be the condition of the ...