This case has been cited 2 times or more.
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2015-01-28 |
MENDOZA, J. |
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| Finally, it must be emphasized that there would be no unjust enrichment to the government in the event of denial of the claim for refund under such circumstances because there would be no forfeiture of any amount favoring the government. The amount being claimed as a refund would remain in the account of petitioner creditable against its future income tax liabilities until fully utilized.[33] | |||||
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2011-01-10 |
DEL CASTILLO, J. |
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| In the instant case, both the CTA and the CA applied Section 69 of the old NIRC in denying the claim for refund. We find, however, that the applicable provision should be Section 76 of the 1997 NIRC because at the time petitioner filed its 1997 final ITR, the old NIRC was no longer in force. In Commissioner of Internal Revenue v. McGeorge Food Industries, Inc., [59] we explained that: Section 76 and its companion provisions in Title II, Chapter XII should be applied following the general rule on the prospective application of laws such that they operate to govern the conduct of corporate taxpayers the moment the 1997 NIRC took effect on 1 January 1998. There is no quarrel that at the time respondent filed its final adjustment return for 1997 on 15 April 1998, the deadline under Section 77 (B) of the 1997 NIRC (formerly Section 70(b) of the 1977 NIRC), the 1997 NIRC was already in force, having gone into effect a few months earlier on 1 January 1998. Accordingly, Section 76 is controlling. | |||||