ITO Section 56A | Set off of losses of companies operating hotels:

ITO Section 56A

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].