Finance Co. v. Board of Finance & Revenue

Opinion by

Me. Justice Cohen,

This is an appeal by The Finance Company of Pennsylvania (appellant) from orders of the Board of Finance and Revenue refusing appellant’s petitions for refund of bank shares tax paid by it for 1957 and 1958. Since the chronological sequence of events is important, we shall recite it in full.

During the year 1961 appellant determined that it had improperly been paying bank shares tax to the Commonwealth and that it should have been paying general corporate business taxes (e.g., capital stock, loans, corporate net income). At that time it had pending before the taxing…