BIR Ruling

June 5, 1969 Messrs. Sycip, Gorres, Velayo & Co. 6760 Ayala Avenue Makati, Rizal Gentlemen : This refers to your letter dated May 29, 1969 requesting information as to whether or not the letter-decision of this Office dated March 6, 1969 sustaining the liability of your client, Procter & Gamble Company, for the amount of P9,091,766.66 as income tax arising from the consolidation of the Philippine Manufacturing Co. and the Philippine Trading Co., is the final decision of this Office for purposes of Republic Act No. 1125, particularly regarding the computation of the 30-day period provided for in said Act within which a decision of the Commissioner of Internal Revenue on contested assessments may be appealed to the Court of Tax Appeals. In reply, I have the honor to inform you that as stated in our letter to you dated May 22, 1969 that, in view of the fact that the question of whether or not the consolidation in question would give rise to the recognition of gain or loss is still pending resolution by the Secretary of Finance, this Office is holding in abeyance the enforcement of our letter-decision of March 6, 1969. Necessarily, our aforesaid letter-decision of March 6, 1969 may not be considered as final for purposes of the counting of the 30-day period within which to appeal a decision of the Commissioner of Internal Revenue to the Court of Tax Appeals as provided for by Republic Act No. 1125. This Office shall render a final decision on the matter upon receipt of the resolution of the Secretary of Finance on the legal issue you raised before him. aisadc Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue