Held that the assessee had advanced loan to its employee on account of business interest, and due to shutdown of the operations of the entity the loan became irrecoverable and was written off along with the imprest lying with the employee who was looking after the day-to-day business, the same is allowable as business loss. Advances to various parties for entering into a new business which did not materialize, said advances having become irrecoverable are allowable as business loss. (AY. 2010-11)