Tribunal held that 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 accordingly the write off is allowable as business loss or business expenditure. (AY. 2009 -10)
Jackie Shroff v. ACIT (2019) 174 ITD 770/ 197 TTJ 568 / 174 DTR 161(Mum.)(Trib.)
S. 28(i) : Business loss- Actor -Advance of money to production house -Write off of advances as non recoverable – Film was not successful- Loss is allowable as business loss or as business expenditure. [S. 37(1)]