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ITAT allowed write-off of advance given to wife by Jackie Shroff for production of 'BOOM'

February 6, 2019[2019] 101 455 (Mumbai - Trib.)/[2019] 174 ITD 770 (Mumbai - Trib.)

IT: Where assessee actor advanced money to a production house run by his wife to produce films in which he acted as hero so as to boost his career, however, films were not successful and his wife suffered loss and advances given by assessee could not be recovered, money advanced by assessee was in nature of business expediency and same was to be allowed as deduction either under section 37(1) or under section 28(i) as business loss

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