Practice question
An acquisition receives a favorable PCC ruling. It later emerges that the ruling was obtained through materially false information about the transaction. The acquirer invokes Section23 as absolute immunity from any challenge under the Act. Which is correct?
- Every favorable ruling remains immune even if procured by fraud
- Section23 expressly excepts rulings obtained through fraud or false material information
- False information becomes true upon approval
- Only the acquirer may decide whether fraud matters
- The statute contains no finality rule
Legal references
- RA10667, Section23: https://lawphil.net/statutes/repacts/ra2015/ra_10667_2015.html
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