Assessee sold his immovable property on 11-11-2011 and earned long-term capital gain. Assessee had also entered into an agreement to purchase new residential unit/flat vide agreement to sell dated 11-10-2010 and made periodic payment of instalments. Possession of flat was received on 23-4-2012 which was within period of 3 years after date of sale on which capital gain had accrued. The  assessee claimed exemption under section 54.  Assessing held that  new residential property was purchased beyond within one year before sale hence  denied exemption. CIT(A) also affirmed the order of the Assessing Officer. On appeal  the Assessee contended that Assessing Officer had misinterpreted facts that exemption under section 54 had been claimed on ground of purchase of a new flat, however, it was actually claimed on ground of construction of a new residential house.On appeal the Tribunal held that agreement for sale by builder to assessee could be construed as agreement of construction and date of grant of possession could be construed as completion of construction. The assessee had a window upto 11-11-2014 to construct house property, hence, exemption was to be allowed to assessee as possession of flat was received on 23-4-2012 which was within period of 3 years after date of sale on which capital gain had accrued. Relied on  PCIT v. Akshay Sobti [2020] 423 ITR 321 (Delhi) (HC).Circular No. 672  dated 16-12-1993, Circular No. 471 dated 15-10-1986) (AY. 2012-13)