Faizan Steel case: SHC seeks clarification on difference between declared, assessed values of Steel sheets
KARACHI: A divisional bench of High Court of Sindh (SHC) comprising Chief Justice Sajjad Ali Shah and Justice Zulfiqar Ahmed Khan on Tuesday summoned the details regarding valuation of Hot Rolled Steel sheets as the counsel for petitioner company Faizan Steel was unable to satisfy the court on issue of difference between declared value and assessed value per metric ton.
Earlier Ghulam Nabi advocate appearing for the petitioner said that case is of valuation dispute. There was a Valuation Ruling (VR) earlier which has been withdrawn. The petitioner seeks assessment under section 25 (1) of the Customs Act 1969, the counsel submitted.
When asked by the bench about the declared value he said that it was US $ 271 while the assessed value is at US $648 . He however said that previously consignments were released at a rate of US $ 638.
If there is such a huge difference we would like to see the reason, the bench said adjourning further proceedings till Thursday, May 05 when the petitioner as well as Customs department was ordered to inform the bench about the valuation of Hot rolled steel sheets.
As per Custom Valuation department, the Hot Rolled Steel was assessed on the basis of London Metal Bulletin (LMB).