This case has been cited 1 times or more.
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2015-01-28 |
MENDOZA, J. |
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| In its Comment,[15] the CIR counters that even if the taxpayer signifies the option for either tax refund or carry-over as tax credit, this does not ipso facto confer the right to avail of the option immediately. There is a need, according to the CIR, for an investigation to ascertain the correctness of the corporate returns and the amount sought to be credited; and part of which is to look into the quarterly returns so that it may be determined whether or not excess and unutilized CWT was carried over into the succeeding quarters of the next taxable year. Because the pertinent quarterly ITRs were not presented, the CIR submits that the petitioner failed to prove its right to a tax refund. | |||||