CTA Case No. 689 (Resolution)

H~PUilLIC OF TBE PBILIPPINEI COURT OF TAX APPE.ALI QUEZON CITY I � THE LONDON ASSURANUE , Petitioner , ... versus .. c.T.A. CASE 'NO. 689 TilE COMMISSIOrreR OF INTERNAL REVENUE , Respondent . I RESOLUTION � Submittedfor resolution is petitioner's 11Mo� tion To Withdraw Petition For Review And Confession Of Judgment On Counterclaim" filed on November 14, 19?2. Petitioner filed the instant appeal claiming for the refund of the amount of ~139.51 as over- paid income tax for the year 1956'�. On April 11, 1962, respondent filed hi~ amend- ed answer , interposing a counterclaim in the amount of ~2 , 958.26 , representing deficiency income tax for the year 1956 , inclusive of� l/2% monthly interes.t computed from June 20, 1959 to December 20, 1960, . - plus 5% surcharge and 1% monthly interest from Decem- ber 20, 1960 to the date of payment� .S.abseque:Q.tly, petitioner filed the instant mo- tion praying for the withdrawal of its petition on the ground that it is no longer interested in fur- ther prosecuting its claim for refund against res- pondent, in view of its intention to withdraw its business operation in the Philippines. Petitioner further prayed that a judgment be rendered in favor

BES OLUTI ON � CTA CASE NO, 689 (2) . ( of respondent in the sum of ~2,958.26, representing its deficiency income tax for 1956, plus 5% sur- charge and 1% monthly interest from �December 20, - 1960 to the date of payment. � WHEREFORE, finding the 11Motion To Withdraw Petition For Review And Confession Of Judgment On Counterclaim'' in order, the s~e is hereby GRANTEDo ...... Accordingly, the petition for review is hereby dis- missed, and petitioner, having confessed judgment on the counterclaim, i 's ordered' to pay respondent the sum of P2 7958.26 a~ deficiency income tax for ,. 1956, plus 5% surcharge and 1% interest from Decem- - . ber 20, 1960 to the date of payment, provided, that the maximum amount that may be collected as interest shall in no case exceed the amount corres� pending to a period of three (3) years, pursuant to Section 51 (e)(2) of the Tax Code. SO ORDERED. Quezon ~ity, November 25, 1972. \ WE CONCUR : ~st:~~ Associate Judge/ . ~-~~ RliliON L. AVA.I\JCENA Associate Judge