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Calamba Steel Center, Inc. vs. Commissioner of Internal Revenue

CALAMBA STEEL CENTER, INC. (formerly JS STEEL CORPORATION), Petitioner, versus COMMISSIONER OF INTERNAL REVENUE, Respondent.

G.R. No. 151857 | 2005-04-28

D E C I S I O N
 
 
PANGANIBAN, J.:
 
A tax refund may be claimed even beyond the taxable year following that in which the tax credit arises. Hence, excess income taxes paid in 1995 that have not been applied to or used in 1996 may still be the subject of a tax refund in 1997, provided that the claim for such refund is filed with the internal revenue commissioner within two years after payment of said taxes. As a caveat, the Court stresses that the recognition of the entitlement to a tax refund does not necessarily mean the automatic payment of the sum claimed in the final adjustment return of the taxpayer. The amount of the...