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of ITAT ruled that a foreign company with Permanent Establishment (PE) in India can set off PE losses against Foreign Technical Services (FTS) income under section 71 of the Income Tax Act. Despite section 115A(3) restricting expenditure deductions, the tribunal found no explicit prohibition on loss set-off. The assessee is permitted to adjust inter-head income streams, as both income sources fall under the business category. The decision relies on treaty interpretation principles and allows the taxpayer to apply beneficial provisions of the domestic tax law in the absence of specific treaty provisions governing loss set-off.
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