KARACHI: The Directorate General of Customs valuation has rejected the revision appeal filed by M/s. Pakistan Cycle Industrial Cooperative Society Ltd. against valuation ruling No.690/2014 for bicycle component and parts of metal & rubber.
According to details, a revision petition was filed by M/s. Pakistan Cycle Industrial Cooperative Society Ltd. against customs values determined vide the above mentioned Valuation Ruling saying that input of industrial units of bicycles and the vendors was out-rightly ignored by determining the value at $1.15/kg for bicycle components and parts of metal and $0.85/kg of bicycle components and parts of rubber.
The review application observed that prices of raw material have gone down in 2014 as compared to prices prevailing in 2011 thus Customs values may be revised by 20% or as deemed appropriate.
After due perusal of the case, Directorate General found the petition lacks convincing arguments and the petitioners have been unable to justify their contention to disprove the validity of impugned ruling.