Petitioner further argues that when it sent its records to Manila in February,the papers in support of these miscellaneous and travelling expenses were not included for the reason that by February 9,when the Bureau of Internal Revenue decided to investigate, petitioner had no more obligation to keep the same since five years had lapsed from the time these expenses were incurred.
However, as shown by the records, respondent failed to file a tax return, forcing petitioner to invoke the powers of his office in tax administration and enforcement.
The most crucial point to be remembered is that Philtrust had absolutely no legal relationship to the deceased, or to her Estate. In the absence of proof of any irregularities in the performance of official duties, an assessment will not be disturbed. Recovery in due time thru depreciation of investment made is the philosophy behind depreciation allowance; the idea of profit on the investment made has never been the underlying reason for the allowance of a deduction for depreciation.
The CIR had, in such tax evasion cases, discretion on whether to issue an assessment, or to file a criminal case against the taxpayer, or to do both.
Surplus, needed for paying expenses during the year which isgreater than surplus. Since no taxes are to be collected, no informer's reward is due to private respondents as the informer's heirs. The surplus of P, Deductions for income taxes partake of the nature of tax exemptions; hence, if tax exemptions are strictly construed, then deductions must also be strictly construed.
On February 21,the case was appealed to Us by the taxpayer, upon the following issues: Nuyles, filed her Income Tax Return for The Commissioner maintains that the subject advertising expense was not ordinary on the ground that it failed the two conditions set by U.
The exemption was by virtue of Republic Act which amended Sec. At the time of the investigation, said five years had lapsed. It is entitled to see that from earnings the value of the property invested is kept unimpaired, so that at the end of any given term of years, the original investment remains as it was in the beginning.
Even if notice had been receivedlate, requiring five years within which to assess deficiency taxes, theassessment is deemed made when notice is released and mailed. Rodriguez, et al, this Court ruled that "the determination of the correctness or incorrectness of a tax assessment to which the taxpayer is not agreeable, falls within the jurisdiction of the Court of Tax Appeals and not of the Court of First Instance, for under the provisions of Section 7 of Republic Act No.
In this instance, petitioner has not pointed out one single provision in the Memorandum of the Special Audit Team which gave rise to the questioned assessment, which bears a trace of falsity.
No response was made by Philtrust.
It is entitled to see that from earnings the value of the property invested is kept unimpaired, so that at the end of any given term of years, the original investment remains as it was in the beginning.
At the very least, Jose Gotianuy as the owner of these funds is entitled to a hearing on the whereabouts of these funds. All presumptions are in favour of the correctness of tax assessments.
For then what the taxpayer would recover will be, not only the acquisition cost, but also some profit. Choose Type of service. September 17, at 6: Thus, it is erroneous to say that the taxpayer is entitled to retain enough liquid net assets in amounts approximately equal to current operating needs for the year to cover "cost of goods sold and operating expenses" for "it excludes proper consideration of funds generated by the collection of notes receivable as trade accounts during the course of the year.
The demand letter received by petitioner verily signified a character of finality. ESTATE OF GABRIEL vs CIR itself as the administrator of the estate of the deceased at least insofar as said return is concerned.” 5 Citing Basilan Estate Inc.
v. Commissioner of Internal Revenue, 6 respondent argued that case digest, Estate of Gabriel vs CIR, Estate of Gabriel vs Commissioner of Internal Revenue.
si Basilan Estates, Inc vs CIR & CTA GR L; Sept 5, Bengzon, J.P. Facts: 1. Basilan Estate, Inc. a Philippine corporation engaged in coconut industry filed in its income tax returns for and paid an income tax of P8, 2. View 12 CIR v BF Goodrich digest from BUSLAW at University of Santo Tomas. CIR vs.
B.F. GOODRICH PHILS., INC. (now SIME DARBY INTERNATIONAL TIRE CO., INC.) and THE COURT OF APPEALS G.R. No. Sep 17, · BASILAN ESTATES, INC. v. CIR G.R. No.
L September 5, Bengzon, J.P., J. Doctrine: The income tax law does not authorize the depreciation of an asset beyond its acquisition cost. Hence, a deduction over and above such cost cannot be claimed and allowed.
The reason is that deductions from gross income are privileges, not. si Basilan Estates, Inc vs CIR & CTA GR L; Sept 5, Bengzon, J.P. Facts: 1. Basilan Estate, Inc. a Philippine corporation engaged in coconut industry filed in its income tax returns for and paid an income tax of P8, 2.
A Philippine corporation engaged in the coconut industry, Basilan Estates, Inc., with principal offices in Basilan City, filed on March 24, its income tax returns for and paid an income tax of P8,Case digest basilan estate vs cir