Mirant Pagbilao Corp. v. Commissioner of Internal Revenue

TENTH DIVISION[CA-G.R. SP No. 78280. December 22, 2005.]MIRANT PAGBILAO CORPORATION (formerly SOUTHERN ENERGY QUEZON, INC.), petitioners, vs. COMMISSIONER OF INTERNAL REVENUE, respondent.D E C I S I O NCARANDANG, J p:Before Us is a Petition for Review under Rule 43 of the Rules of Court seeking to partially reverse or set aside the Decision 1 of the Court of Tax Appeals (CTA) dated March 18, 2003 which partially granted petitioner's claim for refund or issuance of a tax credit certificate in the amount of P10,766,939.48 out of its total claim of P148,003,047.62. Petitioner is seeking for the refund of the P135,993,570.00 difference, arising from petitioner's input VAT on its purchases of services from Mitsubishi Corporation which are attributable to its zero-rated sales. Assailed as well is the Resolution 2 dated July 9, 2003 denying petitioner's motion for reconsideration.The antecedents:Petitioner MIRANT PAGBILAO CORPORATION (formerly Southern Energy Quezon, Inc.) is a duly registered domestic corporation with principal office at Pagbilao Grande Island, Pagbilao, Quezon and is principally engaged in the business of power generation and subsequent sale...