Philippine Supreme Court Resolutions > Year 2011 > January 2011 Resolutions > [G.R. No. 187485 : January 12, 2011] COMMISSIONER OF INTERNAL REVENUE VS. SAN ROQUE POWER CORPORATION :

Please take notice that the Court, Third Division, issued a Resolution dated 12 January 2011, which reads as follows:

G.R. No. 187485 - (COMMISSIONER OF INTERNAL REVENUE v. SAN ROQUE POWER CORPORATION). - This resolves the Petition for Review under Rule 45 of the Rules of Court, assailing the Decision^[1] of the Court of Tax Appeals En Banc in C.T.A. EB No. 408, and its Resolution^[2] denying petitioner's Motion for Reconsideration of the Decision.

After a careful consideration of the grounds relied upon by the petitioner, there is no cogent reason to overturn the findings of the Court of Tax Appeals En Banc.  It has extensively discussed and passed upon the issues raised by the parties, and has committed no reversible error.

However, the claim amounting to four hundred eighty three million seven hundred ninety-seven thousand five hundred ninety-nine pesos and sixty-five centavos (PhP483,797,599.65) may unduly burden the government, should private respondent immediately demand a refund.

WHEREFORE, in view of the foregoing, the Amended Decision^[3] dated 29 November 2007 issued by the Second Division of the Court of Tax Appeals, the subject matter of the appeal to the Court of Tax Appeals En Banc, is hereby AFFIRMED but MODIFIED to read as follows:

Petitioner Commissioner of Internal Revenue is hereby ORDERED to REFUND, and in the event a refund is not feasible, to ISSUE A TAX CREDIT CERTIFICATE in favor of respondent in the amount of P483,797,599.65 which can be immediately fully utilized, and DENYING the claim of petitioner that such tax credit should be spread over the 40-year expected Iifespan of the relevant capital goods and properties purchased.

Endnotes:

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^[1] Rollo at 55-80.

^[2] Id. at 81-82.

^[3] Id. at 83-93.