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The Manila Banking Corporation vs. Commissioner of Internal Revenue (CIR) 499 SCRA 782

THE MANILA BANKING CORPORATION, Petitioner, versus COMMISSIONER OF INTERNAL REVENUE, Respondent.

G.R. No. 168118 | 2006-08-28

SECOND DIVISION
 
D E C I S I O N 
 
SANDOVAL-GUTIERREZ, J.: 
 
Before us is a Petition for Review on Certiorari[1] assailing the Decision[2] of the Court of Appeals dated May 11, 2005 in CA-G.R. SP No. 77177, entitled "The Manila Banking Corporation, petitioner, versus Commissioner of Internal Revenue, respondent." 
 
The Manila Banking Corporation, petitioner, was incorporated in 1961 and since then had engaged in the commercial banking industry until 1987. On May 22, 1987, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) issued Resolution No. 505, pursuant to Section 29 of Republic Act...