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Prudential Bank vs. Commissioner of Internal Revenue

PRUDENTIAL BANK, Petitioner,vs. COMMISSIONER OF INTERNAL REVENUE, Respondent.

G.R. No. 180390 | 2011-07-27

FIRST DIVISION
 
D E C I S I O N
 
DEL CASTILLO, J.:
 
A certificate of deposit need not be in a specific form; thus, a passbook of an interest-earning deposit account issued by a bank is a certificate of deposit drawing interest. [1]
 
This Petition for Review on Certiorari [2] under Rule 45 of the Rules of Court assails the Decision [3] dated March 30, 2007 and the Resolution [4] dated October 30, 2007 of the Court of Tax Appeals (CTA) in CTA EB No. 185.

Factual Antecedents

Petitioner Prudential Bank [5] is a banking corporation organized and existing under Philippine law. ...