Professional Documents
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Cir Vs de Prieto
Cir Vs de Prieto
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2/26/2018 PHILIPPINE REPORTS ANNOTATED VOLUME 109
593
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2/26/2018 PHILIPPINE REPORTS ANNOTATED VOLUME 109
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'(b) Interest:
"(1) In general.—The amount of interest paid within the
taxable year on indebtedness, except on indebtedness incurred or
continued to purchase or carry obligations the interest upon
which is exempt from taxation as income under this Title."
"Although taxes already due have not, strictly speaking, the same
concept as debts, they are, however, obligations that may be
considered as such.
"The term "debt" is properly used in a comprehensive sense as
embracing not merely money due by contract but whatever one is
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2/26/2018 PHILIPPINE REPORTS ANNOTATED VOLUME 109
595
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596
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2/26/2018 PHILIPPINE REPORTS ANNOTATED VOLUME 109
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2/26/2018 PHILIPPINE REPORTS ANNOTATED VOLUME 109
Decision affirmed.
_______________
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2/26/2018 PHILIPPINE REPORTS ANNOTATED VOLUME 109
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