KARACHI: Director General Customs Valuation Syed Tanveer Ahmed has rejected revision petition filed by M/s Kasheef Corporation and M/s Japan Belt House and upheld the values of industrial rubber V-belts determined vide Valuation Ruling No.923/2016. The importers stated that they were not invited during the processing and meetings of Valuation Ruling and increased the customs values illogically instead of decreasing. The petitioner suggested that for determination of its value at $1.30/kg is more appropriate. The importer offered that they are ready to supply at $1.30/kg + 10 percent profit for next one year. They stated that different grades/quantities are being imported, how can highest the lowest quality be equated. The importer provided sales tax paid invoices which work out at $1.65/kg C&F and they are selling at Rs295/kg another importer gave its local sales tax invoice showing Rs306/kg which was worked out at $1.7/kg after excluding duty/taxes. Department submitted that values of the subject item based on market survey and Zauba data which revealed at $2.72/kg to $2.73/kg market survey was conducted from opposite Sindh Madressa, from whole sale/retail market and obtained one piece at Rs65/piece (weighing 140 grams) and Rs.50/piece (weighing 105 grams). After detailed deliberation of case, Director General concluded that the customs values were determined after examining the import data, online prices from international websites and by analyzing all other information. The revision was petition and Valuation Ruling was upheld.