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Issues: Whether Modvat credit was admissible on coolants used in turning and grinding operations under Rule 57A.
Analysis: Credit under Rule 57A is not confined to goods forming part of the final product; it extends to inputs used directly or indirectly in or in relation to manufacture. Goods used as coolants to maintain the working of machinery during turning and grinding operations are connected with the manufacturing process and are essential for the smooth production of finished goods. Such use is therefore within the scope of the Modvat scheme.
Conclusion: Modvat credit was admissible on the impugned goods, and the Revenue's appeal was rejected.
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