Assessee-foreign company, a tax resident of Hong Kong, operated satellite television channels and derived income from selling advertising airtime on channel, distribution of channel, syndication of content and other allied activities.  During relevant assessment year, assessee received franchise fees from an Indian company and claimed set-off of said income against brought forward business loss from assessment year 2011-12.  Assessing Officer denied said claim on ground that franchise fees was in nature of royalty income which was taxed in accordance with provisions of section 115A(1)(b) at rate of 27.04 per cent and could not be set-off against business loss as receipts from business were taxed at 42.23 per cent  Held that  rate of taxation was not a relevant factor so to determine eligibility of income for set-off and all that was necessary was it must consist of profits and gains of any business or profession carried by assessee and assessable for that assessment year. Accordingly  claim of loss is allowed to be set-off  (AY. 2011-12)