FIFTEENTH DIVISION
[CA-G.R. SP NO. 77529. April 10, 2008.]
COMMISSIONER OF INTERNAL REVENUE, petitioner, vs. VJ PROPERTIES INCORPORATED, respondent.
D E C I S I O N
GUARIÑA III, J p:
VJ Properties Inc., a real estate developer, received on April 20, 1999 the following assessment notices from the Bureau of Internal Revenue along with format demands to pay the amounts due, for a total of P2,884,842.71 not later than May 14, 1999, to wit:
Assessment Notice 137576-96-99-502
| Deficiency Income Tax (for the year 1996) | |||
| Tax Due (@35% tax rate) | 871,381.73 | ||
| Less: | CWT (5%) — 1996 | (480,690.00) | |
| Creditable Withholding Tax — | |||
| Clinman Court Corp. | (24,363.61) | ||
| ––––––––––– | |||
| Basic Income Tax Deficiency | P366,328.12 | ||
| 25% Surcharge | 91,582.03 | ||
| 20% Interest | 183,164.06 | ||
| Compromise Penalty | 25,000.00 | ||
| ––––––––––– | |||
| Total Income Tax Deficiency — Per Review | P666,074.21 | ||
| ========== | |||
| Assessment Notice 137576-95-99-502 1 | |||
| Deficiency Income Tax (for the year 1995) | |||
| Tax Due (@35% tax rate) | P2,055,032.49 | ||
| Less | CWT (7.5%) — 1995 | (1,143,328.90) | |
| 1994 excess creditable tax | (41,366.64) | ||
| –––––––––––– | |||
| Basic Income Tax Deficiency | 870,366.95 | ||
| 25% Surcharge | 217,591.74 | ||
| 20% Interest | 652,775.21 | ||
| Compromise Penalty | 25,000.00 | ||
| –––––––––––– | |||
| ...
AIC Grande Tower Garnet Road
Mobile No. +639451244898 |
