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Aguinaldo Industries Corp. vs. Commissioner of Internal Revenue, et al.

AGUINALDO INDUSTRIES CORPORATION (FISHING NETS DIVISION), petitioner, vs. COMMISSIONER OF INTERNAL REVENUE and THE COURT OF TAX APPEALS, respondents.

G.R. No. L-29790 | 1982-02-25

D E C I S I O N


PLANA, J.:

This is a petition for review of the decision and resolution of the Court of Tax Appeals in CTA Case No. 1636 holding the petitioner liable for the sum of P17,123.93 as deficiency income tax for 1957, plus 5% surcharge and 1% monthly interest for late payment from December 15, 1957 until full payment is made.

As summarized by the respondent Court, the facts are:

" . . . . Aguinaldo Industries Corporation is a domestic corporation . engaged in two lines of business, namely: (a) the manufacture of fishing nets, a tax-exempt industry, and (b) the manufacture of furniture. Its business of manufacturing fishing...