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What is Belman Cia v. Central Bank Tax Refund Case about?

1. Belman Cia filed a complaint against Central Bank of the Philippines seeking a refund of special excise taxes paid under protest for the sale of foreign exchange. 2. Belman obtained a letter of credit from Philippine National Bank to pay Getz Bros. for goods. Crocker First National Bank then paid Getz Bros. on behalf of PNB. 3. Central Bank assessed Belman a 17% special excise tax, which Belman paid under protest. Belman sought a refund which was denied. 4. The court ruled the contract was consummated

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