CTA Case No. 1046 (Decision)

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DECISION - C. To � CASE NO . 1046 - 7- would be paying . On the supposition that the dividends received from domestic corporations liable to tax under Chapter III, Title II of the Tax Cooe or from corporations engaged in new and necessary industries amount to P20,000oOO, a life insurance company would pay only a total of P325oOO as against the Pl,OOOoOO ot~er corpora- tions would be paying o In other words, under the circumstances, an insurance company would be pay- ing only as much as about 1/3 that of other cor - porations . This could not have been the intention of Congress . After all, insurance companies, like other corporations (exc~pt Building and Loan Asso- ciations), .are essentially profit earning enter- priseso WHEREFORE, the petition for review filed by the petitioner Filipinas Life Assurance Company on May 2, 1961, is hereby dismissed, with costs against the petitioner . SO ORDERED . Manila, Philippines, February 15, 1963. (SGD.) MARIANO NABLE Presiding Judge I CONCUR: I reserve my vote . (SGD .) AUGUSTO M. LUCIANO (SGD . ) ROMAN M. UMALI Associate Judge ssociate Judge :� 7 7 �.