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Commissioner Of Internal Revenue vs. Insular Lumber Company, Et Al.

COMMISSIONER OF INTERNAL REVENUE, petitioner, vs. INSULAR LUMBER COMPANY and COURT OF TAX APPEALS, respondents.

G.R. No. L-24221 | 1967-12-11

D E C I S I O N 


BENGZON, J.P., J.: 

A New York, U.S.A. corporation licensed to do business in the Philippines, Insular Lumber Company is engaged in logging operations in Fabrica, Sagay, Negros Occidental. In 1958 it purchased from Standard-Vacuum Oil Co., 292,274.76 liters of refined and manufactured oils and fuels which it subsequently used, during the same year, in its logging operations. The specific tax imposed thereon by Section 142 of the Tax Code in the amount of P21,452.42 was duly paid by Standard-Vacuum Oil Co., before their removal from the oil distillery. 

On February 23, 1961 or about three (3) years later,...