Back

Lealda Electric Co., Inc. Vs. Commissioner Of Internal Revenue, Et Al. 117 Phil. 940 7 SCRA 928

LEALDA ELECTRIC CO., INC., petitioner, vs. COMMISSIONER OF INTERNAL REVENUE and COURT OF TAX APPEALS, respondents.

G.R. No. L-16428 | 1963-04-30

D E C I S I O N


DIZON, J.:

In the year 1915, Julian M. Locsin Anson was granted a franchise to operate an electric light and power plant to supply electric current to the residents of the municipalities of Legaspi (now city) and Daraga, both in Albay province (Act No. 2475, as amended by Act No. 2620). Subsequently, he sold his franchise, certificate of public convenience and the electric plant operated thereunder, to Saturnino Benito, who in turn sold the same to Alfredo, Mario and Benjamin, all surnamed Benito, on March 13, 1941. On June 11, 1949, the Benitos and other parties formed a partnership to operate the electric plant. After the...