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Paseo Realty & Development Corp vs. Court of Appeals, Court Of Tax Appeals and CIR

PASEO REALTY & DEVELOPMENT CORPORATION, Petitioner, versus COURT OF APPEALS, COURT OF TAX APPEALS and COMMISSIONER OF INTERNAL REVENUE, Respondents.

G.R. No. 119286 | 2004-10-13

D E C I S I O N

Tinga, J.:

The changes in the reportorial requirements and payment schedules of corporate income taxes from annual to quarterly have created problems, especially on the matter of tax refunds.[1] In this case, the Court is called to resolve the question of whether alleged excess taxes paid by a corporation during a taxable year should be refunded or credited against its tax liabilities for the succeeding year.

Paseo Realty and Development Corporation, a domestic corporation engaged in the lease of two (2) parcels of land at Paseo de Roxas in Makati City, seeks a review of the Decision[2] of the Court of Appeals dismissing...