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 co

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