06-02-2019, 02:15 PM
It refers to goods or properties with estimated useful life greater than 1 year and which are treated as depreciable assets under the NIRC, used directly or indirectly in the production or sale of taxable goods or service.
-Kepco Phil vs CIR, GR No. 179356, Dec. 14, 2009
-Kepco Phil vs CIR, GR No. 179356, Dec. 14, 2009