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CIR vs. Cebu Toyo Corp

COMMISSIONER OF INTERNAL REVENUE, Petitioner, versus CEBU TOYO CORPORATION, Respondent.

G.R. No. 149073 | 2005-02-16



FIRST DIVISION
DECISION

QUISUMBING, J.:

In its Decision[1] dated July 6, 2001, the Court of Appeals, in CA-G.R. SP No. 60304, affirmed the Resolutions dated May 31, 2000[2] and August 2, 2000,[3] of the Court of Tax Appeals (CTA) ordering the Commissioner of Internal Revenue (CIR) to allow a partial refund or, alternatively, to issue a tax credit certificate in favor of Cebu Toyo Corporation in the sum of P2,158,714.46, representing the unutilized input value-added tax (VAT) payments.

The facts, as culled from the records, are as follows:

Respondent Cebu Toyo Corporation is a domestic corporation engaged in the manufacture of lenses and various...