KARACHI: Director General Customs Valuation Syed Tanveer Ahmed has rejected the revision petition of M/s IBL Operations Pvt Ltd seeking downward revision in the values of food cereals determined vide Valuation Ruling No.818/2016.
M/s IBL Operations contested that their declared price for Corn Flakes is $ 2.83/750 grams of UK origin whereas notified value is $ 3.50/kg and difference is 23 percent higher side. On the other hand same items Valuation Ruling from India is at $ 2.92/kg and their declared value was $ 2.67/875 gms and difference is 9.0 percent which is unfair. Their transactional value has been rejected without any cogent reasons whereas their transaction value is against L/C.
Department denied vehemently by stating that Cereal Foods (Kellog’s) brand Corn Flakes for India and UK origins are different, therefore, customs value of Corn Flakes for India and UK origins were determined separately. The import data also verities that prices of Corn Flakes of India and UK were more or less at par with the Valuation Ruling No. 818/2016.
The Director General on the basis of the documents available on record, written as well as verbal submissions’ advanced at the time of hearing by the petitioner and respondent department, rejected the review petition.