KARACHI: The Pakistan Customs officials on Tuesday informed the Sindh High Court (SHC) that the Valuation Ruling 729/2015, under which the values of porcelain insulator/ bushing for power transformers are determined, has been withdrawn.
Advocate Masoda Siraj, the counsel for the customs, submitted a FBR’s letter regarding withdrawal of the valuation ruling to a division bench.
A division bench headed by Justice Muhammad Ali Mazhar was hearing the petition filed by M/s Ace Indigo Industries (Private) Limited, which challenged the Valuation Ruling 729/2015.
Masoda told the judge that since the impugned valuation ruling had been withdrawn, the petition has become infructuous. She added the petitioner’s consignment would be assessed under Section 25 of the Customs Act 1969.
The court, therefore, directed the petitioner to approach the authorities concerned for the assessment of value of its goods and provisional release in accordance with law
Earlier, Advocate Aqeel Ahmed, who represented the petitioner, submitted that the customs authorities had assessed the value of the imported porcelain disc insulators and pin insulators on the basis of the Valuation Ruling 729/2015, which was very high. Since the price of the goods had decreased in the global market, consequently the valuation ruling should be discarded and fresh ruling should be issued in consultation with all stakeholders.
The court was pleaded to order the provisional release of the petitioner’s goods, as it was ready to deposit differential amount of duty and taxes.
