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The CIR assessed a deficiency income tax against Santiago Gancayco for 1949. Gancayco argued that the CIR failed to deduct two items from his return: (1) P27,459 in farming expenses and (2) P10,000 in losses from his copra business. The Court of Tax Appeals allowed the deduction for farming expenses but disallowed the deduction for copra losses, finding the evidence insufficient. Gancayco appeals.

Author

NLainie Omar

Language

EN