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Co etc. vs. Commissioner of Internal Revenue

LUCIO L. CO, SUSAN P. CO, FERDINAND VINCENT P. CO and PAMELA JUSTINE P. CO, petitioners, vs. COMMISSIONER OF INTERNAL REVENUE, respondent.

C.T.A. CASE NO. 8831 | 2016-06-02

DECISION

FABON-VICTORINO, J:
 
This resolves the Petition for Review led by Lucio L. Co, Susan P. Co, Ferdinand Vincent P. Co, and Pamela Justine P. Co for the refund of the amount of One Billion Six Hundred Forty-Seven Million Six Hundred Fifteen Thousand Two Hundred Ninety Pesos and 7/100 (P1,647,615,290.07), allegedly representing their erroneous payment of capital gains tax (CGT) including interests and/or compromise penalty arising from an exchange of shares of stock.
 
Petitioners Lucio L. Co, Susan P. Co, Ferdinand Vincent P. Co, and Pamela Justine P. Co are Filipinos, of legal age, with respective addresses at 563 M. De Santos...