Assessee was an owner of flat in a society. Residential building in which assessee’s flat was situated, had been constructed by housing society on leased land.  AO denied the exemption on ground that the assessee had not transferred land along with flat.  Tribunal allowed the claim.  On appeal the Court held that in case of a constructed building of a Co-operative Housing Society, member owns constructed property and along with other members enjoys possessory rights over land on which such building is situated therefore merely because housing complex was situated on a piece of land which was occupied by Co-operative Housing Society under a long term lease, would make no difference.