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Panay Electric Co. Vs. Collector Of Internal Revenue, Et Al. 103 Phil 819

PANAY ELECTRIC CO., INC., petitioner, vs. THE COLLECTOR OF INTERNAL REVENUE and THE COURT OF TAX APPEALS, respondents.

G.R. No. L-10574 | 1958-05-28

D E C I S I O N


MONTEMAYOR, J.:

Petitioner Panay Electric Co., Inc. is appealing the decision of the Court of Tax Appeals, denying the refund to it of the amount of P85,355.72, balance of P135,872.67, representing overpayment of franchise taxes from January 19, 1947 to January 18, 1952.

Petitioner is a grantee of a legislative franchise under Act No. 2983, as amended by Act No. 3665, to install, operate, and maintain an electric light, heat and power system in certain municipalities of Iloilo, for a period of fifty years from the approval of its franchise on January 22, 1921. Under the franchise, it was required to pay a franchise tax...