Assessee sold a residential property and invested capital gains in construction of new residential property. He also deposited certain amount in capital gain account scheme. The  assessee claimed exemption under section 54. The  Assessing Officer disallowed exemption claimed by assessee on ground that construction of new property was not complete. CIT(A) allowed the exemption.  On appeal the Tribunal held that  exemption under section 54 could be allowed based on amount utilised by assessee out of sale consideration towards construction of new house property even if construction was not complete. Order of CIT(A) is affirmed.  (AY. 2016-17)