There is no such time limit on the right of the Commissioner of Internal Revenue to assess the 25% tax on unreasonably accumulated surplus provided in section 25 of the Tax Code, since there is no express statutory provision limiting such right or providing for its prescription. The underlying purpose of the additional tax in question on a corporation's improperly accumulated profits or surplus is as set forth in the text of section 25 of the Tax Code itself to avoid the situation where a corporation unduly retains its surplus instead of declaring and paving dividends to its shareholders or members who would then have to pay the income tax due on such dividends received by them.
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STA. CLARA HOMEOWNER’S ASSOCIATION VS. GASTON
FACTS: Spouses Victor Ma. Gaston and Lydia Gaston, the private respondents, filed a complaint for damages with preliminary injunction/preli...
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G.R. No. L-36403, March 16, 1987 Petitioner’s claim: Filipino Society of Composers, Authors and Publishers, Inc. (FILSCAP), owner of certa...
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G.R. No. 146807. May 9, 200 FACTS: Padcom Condominium Corporation (PADCOM) owns and manages the Padilla Office Condominium Building (PADCOM ...
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