Assessee sold a residential property and invested sale consideration for booking a semi-finished residential flat with a builder and claimed exemption u/s 54 of the Act. AO  disallowed the claim on grounds that the assessee had acquired new property beyond period of one year prior to date of transfer prescribed. CIT(A) allowed the claim. On appeal by the revenue the Tribunal held that booking a semi finished flat with builder who constructed unfinished bare shell of flat in which assessee had to carryout internal fit outs on its own to make it liveable, was to be considered as a case of construction of new flat and not purchase of a flat. Accordingly eligible for exemption. (AY. 2012-13)