Feb Investments, Inc. v. Commissioner of Internal Revenue

FIRST DIVISION[CA-G.R. SP No. 60784. January 31, 2006.]FEB INVESTMENTS, INC., petitioner, vs. THE COMMISSIONER OF INTERNAL REVENUE and THE COURT OF TAX APPEALS, respondents.D E C I S I O NREYES, R.T., P.J p:BROUGHT to Us on a petition for review 1 by petitioner FEB Investments, Inc. (FII) is the Decision 2 of the Court of Tax Appeals denying its claim for tax refund due to insufficiency of evidence. 2uptax06The AntecedentsThe CTA summarized the factual antecedents of CTA Case No. 5589, as follows:"Petitioner is a corporation organized and existing under and by virtue of the laws of the Philippines. It is principally engaged in financing activities. "For the four quarters of taxable year 1996, petitioner reported gross receipts in the total amount of P346,027,897.77 for which it allegedly paid P14,973,087.41 as gross receipts tax detailed as follows:QuarterExhibitGross ReceiptsGross Receipts Tax    1stA/A-1P64,735,851.80P3,2236,792.592ndB/B-1131,021,901.705,642,578.283rdC/C-189,271,102.463,554,016.234thD/D-160,999,023.812,539,700.31  ————————————"Petitioner asseverates that of the total gross receipts of P346,027,897.77, the amount of P40,765,149.04 corresponds to the 20% final tax withheld on passive income and which was further subjected to the 5% gross receipts...