Unrealised rent: conditions for deductibility clarified with tenant default, vacatur, no other occupation and legal steps requirement. Defines unrealised rent as rent payable but not paid by a tenant proved lost and irrecoverable where the tenancy is bona fide, the defaulting tenant has vacated or steps taken to compel vacation, the tenant is not occupying any other property of the assessee, and the assessee has taken all reasonable steps to institute legal proceedings for recovery or shows legal proceedings would be useless.
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Provisions expressly mentioned in the judgment/order text.
Unrealised rent: conditions for deductibility clarified with tenant default, vacatur, no other occupation and legal steps requirement.
Defines unrealised rent as rent payable but not paid by a tenant proved lost and irrecoverable where the tenancy is bona fide, the defaulting tenant has vacated or steps taken to compel vacation, the tenant is not occupying any other property of the assessee, and the assessee has taken all reasonable steps to institute legal proceedings for recovery or shows legal proceedings would be useless.
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