KARACHI: The major yarn filament importers challenged a Valuation Ruling 1387 of 2019 in respect of yarn filament being on higher side.
The Customs Appeal No K 1269 of 2019 was filed by Bilal Brother Industries and others through Expert Law Associates citing the Director General, Director of Directorate of Customs Valuation and Collectors of East and West MCC’s.
Director General Valuation, the appellants maintain that the VR was finalized applying Valuation Method No 9 on the basis of Board’s Circular vide no CNO(20)/TAR-1/90-Yarn dated 7-4-2005 which is almost fourteen years old. It was further contended that the department is ignoring current scenario of Valuation which is easily available on the web sites of manufacturers and by this local manufacturer is being facilitated. The said value is on higher side as against actual and transaction value wherein remittances are send by the importer by opening Banking Channel.
Mean while in a related development, a custom appellate bench of High Court of Sindh by consent disposed of a petition filed by six different importer companies including Brother Enterprises, Shahid Brothers, Saeed Sons, Hasan Nasir International, Karachi Esschem and another.
Imran Iqbal Khan advocate appearing for the petitioners submitted that purpose of the instant petition has been served as the respondents have provisionally released the consignments on securing duty and taxes through pay orders. They sought disposal of the petition with the direction to the Respondents to not to encash the security till final decision in an appeal filed under section 25-A of Customs Act 1969 pending decision before Director General, Valuation.
As Ms Afsheen Aman and Rashid Arfi advocates appearing for the respondents did not oppose the request, the bench by consent of the parties disposed of the petition with the direction to the Respondents to not to en cash the security deposit. The bench also expected that DG Valuation will decide the challange to VR 1387/2019 with two months from the date of the instant order.