Assessee had invested sale consideration of Rs. 62.63 lakhs in residential flat and deposited Rs. 19 lakhs in Capital Gain Account Scheme. Assessing Officer disallowed deduction of Rs. 62.63 lakhs on premise that neither assessee had taken possession of new flat nor purchase deed was executed in favour of assessee within period of three years and also disallowed deduction of Rs.19 lakhs deposited in capital gain account on ground that assessee had not utilised same within prescribed period. Tribunal held that the assessee had made payment for purchase of flat to developer within stipulated period, However, assessee could not obtain possession and got purchase deed executed within period of three years as there was a complaint filed against developer with National Consumer Dispute Redressal Commission which had put stay on developer. The  assessee could not utilise amount in capital gain account scheme due to stay on developer .Since delay in obtaining possession and getting purchase deed executed and failure to utilise amount in capital gain scheme was on account of developer and was by reason beyond control of assessee, exemption under S.  54 could not be denied. (AY. 2012-13)