- For the purposes of the Explanation below sub-section (1) of section 23, the amount of rent which the owner cannot realise shall be equal to the amount of rent payable but not paid by a tenant of the assessee and so proved to be lost and irrecoverable where,-(a)the tenancy is bona fide;(b)the defaulting tenant has vacated, or steps have been taken to compel him to vacate the property;(c)the defaulting tenant is not in occupation of any other property of the assessee;(d)the assessee has taken all reasonable steps to institute legal proceedings for the recovery of the unpaid rent or satisfies the Assessing Officer that legal proceedings would be useless.C. - Profits and gains of business or profession
