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

5[56A. Set off of losses of companies operating hotels.— Subject to sections 56 and 57, where a 6[public company as defined in the Companies Act, 2017 and] registered in Pakistan 7[,Gilgit-Baltistan] or Azad Jammu and Kashmir (AJ&K), operating hotels in Pakistan 8[,Gilgit-Baltistan] or AJ&K, sustains a loss in Pakistan 9[,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 10[,Gilgit-Baltistan] or AJ&K, as the case may be, from the tax year 2007 11[onward].

Effective date: 2001-09-13

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