Sponsored
Notification: S.O.631(E)
Section(s) Referred: s. 295
Statute: INCOME TAX
Date of Issue: 2/7/2001
Notification No. S.O. 631(E), dated 2nd July, 2001.
In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (Eighth Amendment) Rules, 2001.
(2) They shall come into force on the 1st day of April, 2002, and shall, accordingly, apply to the assessment year 2002-2003 and subsequent years.
2. In the Income-tax Rules, 1962, for rule 4, the following shall be substituted, namely:–
“4. Unrealised rent.–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.”.
[Notification No. 198/2001/F. No. 142/38/2001-TPL]
Sponsored
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
