Capital Gains Exemption 54/54F

Section 54/F of the Income tax act 1961, applicable to Assets other than residential property just confirm .

Yes, investment is done in 54 only. But does proceeds of sale invested in the name of wife constitutes exemption?

As per the bare Act, the word 'assessee' is used. Hence claiming exemption by using the proceeds in the name of wife is not suitable. However there are caselaws wherein the source being in the name of the assessee and the wife not having any income to purchase the new property...if the link is established can be useful in claiming exemption.
It is advisable to consult an expert in person to get legal clarity on the same as caselaws may differ based on jurisdiction and facts.

Their is a Delhi ITAT Ruling in a similar case. Are rulings of ITAT Jurisdiction Specific?

Yes...It is specific to Delhi. It will be better to have either Supreme Court decision or High court Decision of your jurisdiction or ITAT decision of your jurisdiction.