III. Vanderful, lnc.'s income tax return for taxable year 2015 showed an overpayment due to excess creditable withholding taxes in the amount of ₱750,000.00. The company opted to carry over the excess income tax credits as tax credit against its quarterly income tax liabilities for the next succeeding years. For taxable year 2016, the company's income tax return showed an overpayment due to excess creditable withholding taxes in the amount of ₱1,100,000.00, which included the carry-over from year 2015 in the amount of ₱750,000.00 because its operations resulted in a net loss; hence, there was no application for any tax liability. This time, the company opted and marked the box "To be refunded' in respect of the total amount of ₱1,100,000.00. Vanderful, Inc. now files in the BIR a claim for refund of unutilized overpayments of ₱1,100,00.00. Is the claim meritorious? (4%)