Assessee sold residential property and claimed deduction under section 54 on basis that it had within a period of 3 years from date of transfer of original asset, constructed a residential house.  Assessee had filed a photograph of property to substantiate its claim that it constructed a residential house. Assessing Officer denied the exemption on the ground of non availability of occupation certificate.  CIT(A) also affirmed the order of the Assessing Officer. On appeal the Tribunal held that CIT(A) had  ignored other evidences on record which proved construction and completion of construction of a residential house. Further, absence of occupation certificate would not be a ground to deny claim of assessee for deduction under section 54 as other evidence filed by assessee sufficiently demonstrated that assessee had constructed a residential house within period stipulated by law. Accordingly exemption was allowed.  Followed CIT v. Sardarmal Kothari (2008) 302 ITR 286 (Mad) (HC). (AY. 2010-11)