COMMISSIONER OF INTERNAL REVENUE, PETITIONER, VS. PHILIPPINE POWER AND DEVELOPMENT CO., INC., AND THE COURT OF TAX APPEALS, RESPONDENTS.

On July 14, 1977
the parties and their respective counsels
filed the following:

“JOINT MANIFESTATION AND MOTION

“COME NOW Commissioner of Internal Revenue, and the Philippine
Power and Development Co., Inc., by their respective counsel, and to this Honorable Court respectfully manifest:

“1.  That on October 31, 1965, the Court of Tax
Appeals rendered a decision in CTA Case No. 1152, the dispositive
portion of which is quoted as follows:

‘WHEREFORE, the assessment appealed from is hereby modified.  Petitioner is hereby ordered to pay
respondent Commissioner, within 30 days from the date this decision becomes final, deficiency franchise tax for the
period from October 1, 1955 to June 30, 1960 in the amount of P133,175.52.  If the said amount is not paid within 30 days
from the date this decision becomes final, the same shall be subject to the
surcharge of 25% for delinquency pursuant to Section 259 of the Revenue Code.’

“2.  That the said decision
was appealed by the Commissioner of Internal Revenue and the Philippine Power
and Development Co., Inc., to this Honorable Court, which appeals, docketed as
G. R. No. L-25501 and G. R. No. L-25507, are pending
resolution;

“3.  That the Philippine Power and Development
Co., Inc. had availed of the privileges of Letter of Instructions No. 308 and
in the letter dated December 17, 1976, the Commissioner of Internal Revenue
informed the taxpayer herein that its offer to pay 15% of its deficiency
franchise tax from October 1, 1955 to June 30, 1960 was increased to 30% of
P133,175.52 (the amount adjudged by the Court of Tax Appeals and on appeal to
the Supreme Court) or P33,952.66, in full and complete settlement of the tax
liabilities in question, a xerox copy of which letter is hereto attached as Annex “A”
and made an integral part hereof;

“4. 
That the Philippine Power and Development Co., Inc. applied its
tax credit of P79,229.06 against the said amount of P33,952.66 and accordingly,
the Commissioner of Internal Revenue issued Tax Debit Memo dated  January 17, 1977, a xerox
copy of which is hereto attached as Annex ‘B’ and made an integral part hereof;

“5.  That in view of the
aforesaid application of the taxpayer’s tax credit to its tax liability of
P33,952.66, the appeals of the Commissioner of Internal Revenue and the
Philippine Power and Development Co., Inc. have become moot and academic.

“WHEREFORE, it is respectfully prayed that the aforesaid
appeals be dismissed without costs.

“Manila, June 14, 1977.

“(Sgd.) EFREN
I. PLANA                  ESTELITO
P. MENDOZA

Acting
Commissioner of                   Solicitor
General

Internal Revenue

(Sgd.)
REYNATO S. PUNO

Assistant Solicitor General

“PHILIPPINE POWER &

DEVELOPMENT CO.,                     (Sgd.) LOLITA O.
GAL-LANG

INC.                                                               Solicitor

By:

(Sgd.)
RAMON A. AGULLANA

(Sgd.)
PELAGIO M. ACHACOSO                            Special Attorney

Vice-Pres. &
Gen. Mgr.

“POBLADOR, NAZARENO, AZADA,

 TOMACRUZ & PAREDES

COUNSEL FOR PHILIPPINE POWER &
DEVELOPMENT CO., INC.

575 ATLANTA,
PORT AREA, MANILA

By:

(Sgd.) RUSTICO
V.  NAZARENO”

ACCORDINGLY, as the herein appeals have become moot and as
prayed for by the parties, the cases at
bar are dismissed without costs.

Makasiar, Muñoz
Palma, Martin, Fernandez, and Guerrero, JJ., concur.