It is a settled rule that a corporate taxpayer whose total quarterly income tax payments exceed its tax liability

has only two alternative options. The first option is to file an application for refund or issuance of tax credit. The other option is to carry over the excess tax credit to the quarterly income tax liabilities of the succeeding taxable year. The choice of one option precludes the other. (Philam Asset Management, Inc. vs. Commissioner of Internal Revenue, G.R. No. 162004 dated Dec. 14, 2005 ). Thus, one cannot get a tax refund and a tax credit at the same time for the same period. Corollary, the carry-over option, once actually or constructively chosen, becomes irrevocable.