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Anno Domini vs. CIR

ANNO DOMINI DRUG, INC., PETITIONER, VS. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

CTA Case No. 6929 | 2006-07-20

UY, J.:
 
This Petition for Review seeks the refund or issuance of a tax credit certificate in the amount of SEVEN HUNDRED EIGHTY SIX THOUSAND ONE HUNDRED EIGHTEEN AND 88/100 PESOS (Php786,118.88)representing petitioner’s allegedly erroneous treatment of the twenty percent (20%) sales discounts granted to qualified senior citizens on their purchases of medicines covering the taxable years 2001 and 2002, as deductions from gross income based on Revenue Regulations No. 2-94 instead of as tax credits pursuant to Republic Act No. 7432 or the Senior Citizens Act.
 
The Facts

Petitioner, Anno Domini Drug, Inc., is a domestic...