JUDGMENT

THOMMEN, J.:— These appeals by certificate arise from the judgment dated August 22, 1974 of the Calcutta High Court in I.T. R. No. 9 of 1970 (reported in 1976 (1) Cal LJ 102) concerning the assessment years 1963-64 and 1964-65, relevant to the accounting years ended 31-12-1962 and 31-12-1963. Answering the question referred to it in the negative and against the Revenue, the High Court stated that the Income-tax Appellate Tribunal was not justified in rejecting the method of valuation of the goods in process and the finished products on the basis of the cost of raw material after excludi altogether t e overhead expenditure. The Tribunal had by its .Order dated 27-2-1969 upheld the findings of the Income-tax Officer, as confirmed by the Appellate Assistant Commissioner, that the assessees goods in process and finished products were liable to be valued at 100 percent of the cost which included the overhead expenditure and not at 84.49 per cent. as claimed by the assessee.

2. The assessee is a limited liability company engaged in the business of manufacture and sale of paints. It contended before the authorities that it had been its consistent practice to value. the goods in pr