August 2011 - Philippine Supreme Court Resolutions
Philippine Supreme Court Resolutions
[G.R. No. 196652 : August 24, 2011]
COMMISSIONER OF INTERNAL REVENUE V. UNIVERSITY OF STO. TOMAS HOSPITAL, INC.
G.R. No. 196652 (Commissioner of Internal Revenue v. University of Sto. Tomas Hospital, Inc.).
RESOLUTION
The Court hereby resolves to DENY the petition for having been filed beyond the reglementary period for its filing. Further, the petition fails to show that the Court of Tax Appeals (CTA) committed reversible error in ruling that the amount paid by respondent University of Sto. Tomas Hospital, Inc. (USTHI) as documentary stamp tax (DST) should be refunded to it. The Omnibus Loan and Security Agreement entered into by USTHI merely established a credit line or credit facility under which it may avail of loans from certain banks and lenders. No drawdowns were made thereon and no money was actually delivered to USTHI. Thus the CTA correctly ruled that there was no loan agreement which may be subject to DST as contemplated in Section 179 of the National Internal Revenue Code.
SO ORDERED.
Very truly yours,
(Sgd.) LUCITA ABJELINA-SORIANO
Division Clerk of Court