Cited Laws
TL;DR — Ruling
WHEREFORE , the instant Petition for Review is hereby PARTIALLY GRANTED . Accordingly, the assessment for deficiency income tax is UPHELD with modifications. [East Asia Utilities] is hereby ORDERED TO PAY [the CIR] for deficiency 5% GIT for the year 2006 in the amount of P612,406.94, inclusive of the twenty-five percent (25%) surcharge imposed under Section 248(A)(3) of the NIRC of 1997, as amended, x x x.
WHEREFORE , the instant Petition for Review is hereby PARTIALLY GRANTED . Accordingly, the assessment for deficiency income tax is UPHELD with modifications. [East Asia Utilities] is hereby ORDERED TO PAY [the CIR] for deficiency 5% GIT for the year 2006 in the amount of P612,406.94, inclusive of the twenty-five percent (25%) surcharge imposed under Section 248(A)(3) of the NIRC of 1997, as amended, x x x. x x x x SO ORDERED.