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Commissioner Of Internal Revenue vs. Capitol Subdivision, Inc. 119 Phil. 1051

COMMISSIONER OF INTERNAL REVENUE, petitioner, vs. CAPITOL SUBDIVISION, INC., respondent.

G.R. No. L-18993 | 1964-04-30

D E C I S I O N 


BARRERA, J.: 

This is an appeal from the decision of the Court of Tax Appeals (in CTA Case No. 711) reversing the decision of petitioner Commissioner of Internal Revenue which held respondent Capitol Subdivision, Inc. liable for deficiency income taxes for 1948, 1949, 1950, and 1951 in the amounts of P2,927.69, P3,952.12, P5,927.00 and P14,406.00 respectively, or a total of P27,212.88. 
The case was submitted for decision to the Court of Tax Appeals, on the following stipulation of facts: 

"1. That petitioner is a corporation, engaged in the business of purchase, sale, barter and exchange of urban estates,...