Tyre importer penalized for mis-declaration
KARACHI: Additional Collector Adjudication Shafique Ahmed Latki has penalized M/s Lords Impex for evading duty and taxes through under-invoicing.
According to the details of the case, Directorate of Post Clearance Audit reported that M/s Lords Impex imported tyres and tubes with or without flaps of different brands of Indian origin through MCC Appraisement East.
In pursurance of information that group under invoicing was being carried out by the importers, the matter was investigated taking into consideration the official website www.icegate.gov.in, which revelaed that the importer had declared the values of the consignment at much lower side.
It was found that M/s Lords Impex evaded an amount of duty and taxes of Rs1.22 million through under-invoicing.
After detailed deliberation of the case, Shafique Ahmed Latki found the charges established against M/s Lords Impex and ordered the importer to deposit the evaded amount of Rs1.22 million in the state exchequer. A penalty of Rs0.3 million was also imposed on M/s Lords Impex.