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Philippines Journalists, Inc. vs Commissioner of Internal Revenue.

PHILIPPINE JOURNALISTS, INC., Petitioner, versus COMMISSIONER OF INTERNAL REVENUE, Respondent.

G.R. No. 162852 | 2004-12-16

D E C I S I O N

YNARES-SANTIAGO, J.:

This is a petition for review filed by Philippine Journalists, Incorporated (PJI) assailing the Decision[1] of the Court of Appeals dated August 5, 2003,[2] which ordered petitioner to pay the assessed tax liability of P111,291,214.46 and the Resolution[3] dated March 31, 2004 which denied the Motion for Reconsideration.

The case arose from the Annual Income Tax Return filed by petitioner for the calendar year ended December 31, 1994 which presented a net income of P30,877,387.00 and the tax due of P10,807,086.00. After deducting tax credits for the year, petitioner paid the amount of P10,247,384.00.

On...