MULTAN: The Customs Special Judge confirmed bail of the owner of Saim Mobeen Food Makers Chaudhry Zulfiqar Ali Anjum and other accused against the principal amount of tax evaded in the import of Carbon Steel rolls through under-invoicing.
According to prosecution, the Saim Mobeen (SM) Food Makers evaded tax/duty in the clearance of Austrian-origin Carbon Steel sheets (parts of industrial oven) through gross under-invoicing with the connivance of clearing agent.
The imported consignment was cleared in the shape of TP being LCL cargo and parts of industrial oven, having invoice value of 12,700 Euro and the GD was declared by the importer through his clearing agent namely Sheikh Mehboob through one custom system.
Upon completion of the customs examination, duty assessment was issued to deposit but in the meanwhile the Customs Intelligence and Investigation Multan detained the consignment on June 23, on charges of under-invoicing.
Later, it transpired that the SM Food Makers had submitted bogus invoice documents to the Multan Dry Port Trust having goods value of 12,700 Euros but concealed the original invoice found in the imported goods amounting to 120,700 Euros.
The total tax evasion was estimated to be Rs4,689,189 and the customs registered an FIR against the SM Food Maker under Section 168 of the Custom ACT ,1969 punishable under Section 156(1) ,9 ,14, 14-A.
The Special Customs Judge Lahore granted bail to the accused against the principal amount of tax evaded in the transaction. Next hearing of the case will be held on September 1st.
Meanwhile, the SM Food Makers also filed a petition in the Lahore High Court, seeking retrieval of the seized imported goods.
FBR revises property valuation rates across Quetta
ISLAMABAD: The Federal Board of Revenue (FBR) has revised the fair market values of immovable properties across Quetta, covering urban...
