FACTS: Aguinaldo Industries Corp. is engaged in the manufacture of fishing nets, a tax-exempt industry, and the manufacture of furniture. For accounting purposes, each division is provided with separate books of accounts. Previously, Aguinaldo Industries acquired a parcel of land in Muntinglupa,Rizal, as site of the fishing net factory. This transaction was entered in the… Read More AGUINALDO INDUSTRIES (FISHING NETS) vs. COMMISSIONER OF INTERNAL REVENUE G.R. No. L-29790 February 25, 1982 Income Tax, Tax Exemption, Necessary Expense