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Asiaworld Properties Philippines Corporation Vs. Commissioner of Internal Revenue

ASIAWORLD PROPERTIES PHILIPPINE CORPORATION, Petitioner, versus COMMISSIONER OF INTERNAL REVENUE, Respondent.

G.R. No. 171766 | 2010-07-29

D E C I S I O N


CARPIO, J.:

The Case

This petition for review[1] assails the 24 August 2005 Decision[2] and the 31 January 2006 Resolution[3] of the Court of Appeals in CA-G.R. SP No. 82027.

The Facts

Petitioner Asiaworld Properties Philippine Corporation (petitioner) is a domestic corporation with principal office at Asiaworld City, Aguinaldo Boulevard, Parañaque, Metro Manila. Petitioner is engaged in the business of real estate development.

For the calendar year ending 31 December 2001, petitioner filed its Annual Income Tax Return (ITR) on 5 April 2002. Petitioner declared a minimum corporate income tax (MCIT) due in the...