Income-tax (Eighth Amendment) Rules, 2001 - S.O.631(E) - Income Tax

Income-tax (Eighth Amendment) Rules, 2001 NOTIFICATION NO. S.O.631(E) DATED 2-7-2001 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]