TL;DR — Ruling
WHEREFORE, in light of the foregoing considerations, the instant Petition for Review is hereby GRANTED . Accordingly, the Final Assessment Notice, Formal Letter of Demand and Final Decision on Disputed Assessment finding petitioner Transitions Optical Philippines, Inc. liable for deficiency income tax, deficiency expanded withholding tax, deficiency value-added tax and deficiency final tax for taxable year 2004 in the total amount of P19,701,849.68 are hereby CANCELLED and SET ASIDE.
WHEREFORE, in light of the foregoing considerations, the instant Petition for Review is hereby GRANTED . Accordingly, the Final Assessment Notice, Formal Letter of Demand and Final Decision on Disputed Assessment finding petitioner Transitions Optical Philippines, Inc. liable for deficiency income tax, deficiency expanded withholding tax, deficiency value-added tax and deficiency final tax for taxable year 2004 in the total amount of P19,701,849.68 are hereby CANCELLED and SET ASIDE. SO ORDERED.