Back

Basilan Estates, Inc. vs. Commissioner Of Internal Revenue, Et Al.

BASILAN ESTATES, INC., petitioner, vs. THE COMMISSIONER OF INTERNAL REVENUE and THE COURT OF TAX APPEALS, respondents.

G.R. No. L-22492 | 1967-09-05

D E C I S I O N 


BENGZON, J.P., J.: 

A Philippine corporation engaged in coconut industry, Basilan Estate, Inc. with principal offices in Basilan City, filed on March 24, 1954 its income tax returns for 1953 and paid an income tax of P8,028. On February 26, 1959, the Commissioner of Internal Revenue, per examiner's report of February 19, 1959, assessed Basilan Estates, Inc., a deficiency income tax of P3,912 for 1953 and P86,867.85 as 25% surtax on unreasonably accumulated profits as of 1953 pursuant to Section 25 of the Tax Code. On non-payment of the assessed amount, a warrant of distraint and levy was issued but the same was...