KARACHI: Director General Customs Valuation Syed Tanveer Ahmed has rejected a revision petition filed by M/s New Light House Pvt Ltd and upheld the values of calcium carbide determined vide Valuation Ruling No.937/2016. The petitioner stated that Valuation Ruling No.937/2016 is on higher side and disagreed being harsh, unlawful and ultra vires to the Customs Act, 1969 on the grounds that the incumbent Director of Customs Valuation has determined the customs values of Calcium Carbide in the impugned Valuation Ruling without following the sequential methods laid down in Section 25 of the Custom Act, 1969. They stated that the price actually paid or payable is the transaction value which is acceptable in terms of Section 25(1) of the Customs Act, 1969, has been altogether ignored by the Director, Customs Valuation. The petitioner contended to accept their transaction value. They gave a chart showing prices of their supplier for last three years which showed a declining trend. They were asked to provide online prices, ICIS prices from chemical Association and Zauba import/export data. However, Directorate General retrieved prices of the subject item "Calcium Carbide" from international websites which showed prices at $0.696/Kg in accordance with the prevailing Valuation Ruling. In view of the above position, market survey, prices retrieved from international websites and all information so gathered from different sources were analyzed and found that the customs values were determined in accordance with the prevailing international prices of Calcium Carbide. The Valuation Ruling is upheld and revision petition is rejected accordingly.