Jackie Shroff allowed claim of loan written off given to wife

Advocate Akhilesh Kumar Sah Mr. Jackie Shroff Vs. ACIT (ITAT Mumbai) When The Moneys Are Advanced As Measure Of Commercial Expediency Such Advances Are In The Nature Of Business Advances And The Write Off  Of Such Advances By The Assessee Should Be Allowed As Deduction Under Section 37(1) Or Under Section 28 Of The Income Tax Act As Business Loss: Jackie Shroff Recent Case In Jackie Shroff vs. ACIT [ITA No. 4838/MUM/2016 (A.Y: 2009-10), Decided On 31.12.2018], briefly, the assessee advanced money to M/s. Quest Films which was the proprietary concern of Mrs. Ayesha Shroff being the wife of th...