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.
Please access the below link to read the judgment of the High Court.
The_Commissioner_Of_Income_Tax_vs_M-S.Mil_Industries_Ltd_on_8_June,_2015
