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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.
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