Commissioner of Internal Revenue v. IFC Capitalization (Equity) Fund, LP

EN BANC[C.T.A. EB CASE NO. 2083. November 5, 2020.](C.T.A. Case No. 9148)COMMISSIONER OF INTERNAL REVENUE, petitioner, vs. IFC CAPITALIZATION (EQUITY) FUND, LP, respondent.DECISIONBACORRO-VILLENA, J p:Assailing the Special First Division's Decision dated 17 January 2019 1 and Resolution dated 03 June 2019, 2 in CTA Case No. 9148, entitled IFC Capitalization (Equity) Fund, LP v. Commissioner of Internal Revenue, petitioner Commissioner of Internal Revenue (petitioner/CIR) filed the present Petition for Review 3 on 18 June 2019 pursuant to Section 3 (b), Rule 8, 4 in relation to Section 2 (a), Rule 4 5 of the Revised Rules of the Court of Tax Appeals (RRCTA). Petitioner is the duly-appointed CIR who is vested with authority to administer and enforce all laws pertaining to internal revenue taxes and has the jurisdiction to decide refunds and disputed tax assessments. 6 On the other hand, respondent IFC Capitalization (Equity) Fund LP (respondent/ICEF-LP) is a non-resident foreign limited partnership organized and existing under the laws of the State of Delaware, United States of America (USA). 7 Respondent is not registered as...