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Philam Asset Management Inc. vs. Commissioner of Internal Revenue (CIR) 477 SCRA 761

PHILAM ASSET MANAGEMENT, INC., Petitioner, versus COMMISSIONER OF INTERNAL REVENUE, Respondent.

G.R. No. 156637 | 2005-12-14

D E C I S I O N 

PANGANIBAN, J.: 

Under Section 76 of the National Internal Revenue Code, a taxable corporation with excess quarterly income tax payments may apply for either a tax refund or a tax credit, but not both. The choice of one precludes the other. Failure to indicate a choice, however, will not bar a valid request for a refund, should this option be chosen by the taxpayer later on. 

The Case 

Before us are two consolidated Petitions for Review[1] under Rule 45 of the Rules of Court, seeking to review and reverse the December 19, 2002 Decision[2] of the Court of Appeals (CA) in CA-GR SP No. 69197 and its January...