Modvat credit on hot tops accepted as a covered issue, with no referable question of law found.

Credit on hot tops used in the manufacturing process was treated as allowable because the item was regarded as a chemical item falling within modvatable goods on the basis of the controlling High Court ruling. That authoritative decision was treated as covering the issue, so no separate referable question of law was found to exist. The reference application was therefore rejected.

---

---

Issues: Whether credit was allowable on hot tops used in the manufacturing process, and whether any referable question of law arose warranting reference to the High Court.

Analysis: The disputed item was held to be a chemical item and, on the reasoning accepted in the controlling High Court decision, a modvatable item. In view of that authoritative pronouncement, the issue was treated as covered and the existence of a further question of law was negatived.

Conclusion: Credit on hot tops was treated as allowable, and no referable question of law arose. The reference application was rejected.

---