Set off of losses of companies operating hotels:
Subject to sections 56 and 57, where a [public company as defined in the Companies Act, 2017 and] registered in Pakistan [,Gilgit-Baltistan] or Azad Jammu and Kashmir (AJ&K), operating hotels in Pakistan [,Gilgit-Baltistan] or AJ&K, sustains a loss in Pakistan [,Gilgit-Baltistan] or AJ&K for any tax year under the head “income from business” shall be entitled to have the amount of the loss set off against the company’s income in Pakistan [,Gilgit-Baltistan] or AJ&K, as the case may be, from the tax year 2007 [onward].
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