SEVENTH DIVISION
[CA-G.R. SP No. 69622. October 5, 2006.]
COMMISSIONER OF INTERNAL REVENUE, petitioner, vs. FMF DEVELOPMENT CORP., respondent.
D E C I S I O N
BERSAMIN, L.P., J p:
Elevated for review are the decision dated November 16, 2001 of the Court of Tax Appeals (CTA), ordering the refund of P416,063.20 to respondent FMF Development Corporation (FMF Development) as its unutilized excess creditable withholding taxes for taxable years 1997 and 1998 and the resolution dated March 1, 2002, denying the motion for reconsideration of petitioner Commissioner of Internal Revenue.
The undisputed facts of the case follow.
FMF Development filed on April 15, 1998 its tentative 1997 annual income tax return reflecting a net loss of P38,571,675.00 and excess creditable taxes of P407,288.00 withheld in 1997.
On June 4, 1998, FMF Development filed an amended 1997 income tax return declaring a lower net loss of P30,616,003.00 but reporting the same amount (i.e., P407,288.00) as excess creditable taxes withheld in 1997.
On November 3, 1998, FMF Development submitted an administrative claim for refund corresponding to its reported 1997 excess creditable withholding taxes of...
