Section 7
SEC. 7. Section fourteen of the same Act is amended to read as follows: "SEC. 14. The grantee shall keep an account of the gross receipts, revenues or earnings of the business transacted by it and shall furnish to the Commissioner of Internal Revenue a report of such gross receipts, revenues or earnings quarterly, during the month next following the close of the quarter. For the purpose of verification of gross receipts, revenues or earnings and for assessment of the franchise tax due on such gross receipts, revenues or earnings as rendered to the Commissioner of Internal Revenue, all the books and accounts of the grantee shall be kept in the Philippines, and shall be subject to inspection by the Commissioner of Internal Revenue or his authorized representatives. The audit and approval of such accounts by the Commissioner of Internal Revenue shall be final and conclusive as to the determination of the amount of said gross receipts, revenues or earnings, except that the grantee shall have the right to appeal to the courts of the Republic of the Philippines in the manner provided for by the laws of the Republic of the Philippines. "The words 'gross receipts', 'revenues' and 'earnings’ are herein defined as the total receipts obtained from transportation services or revenues derived from other services or earnings realized from the disposition of equipment by the grantee through its operation under this franchise."