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Aquafresh Seafood Inc. vs. CIR

FIRST DIVISION<br /> <br /> AQUAFRESH SEAFOODS, INC., petitioner, vs. COMMISSIONER OF INTERNAL REVENUE and REGIONAL DIRECTOR BIR REVENUE REGION NO. 11-Iloilo City, respondent.<br /> <br /> D E C I S I O N<br /> BAUTISTA, J p:

CTA Case No.6409 | 2004-12-22

Petitioner filed a Petition for Review on March 19, 2002 seeking for the reversal of: (a) the assessments issued by BIR Revenue Region No. 11-Iloilo City ["RR-Iloilo"] for deficiency capital gains taxes ["CGT"] and documentary stamp taxes ["DST"] in the total combined sum of P1,728,439.08; (b) the denial of petitioner's protests against said deficiency assessments by RR-Iloilo; and (c) the subsequent denial of the administrative appeal filed with the Appellate Division, Office of the BIR Commissioner.

Culled from the evidence adduced and from the stipulated facts of the parties, the uncontroverted facts are as follows:

In a Deed of Sale...