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<h1>Tribunal allows appeal on Modvat credit denial due to circular, earlier decision deemed inapplicable</h1> The Tribunal allowed the appeal regarding Modvat credit on transformer oil, stating that the credit cannot be denied based on a circular. The earlier ... Modvat The appeal involved the entitlement to Modvat credit on transformer oil used in manufacturing transformers. The Board's circular clarified that the credit is admissible as the oil is included in the final product and necessary for the transformer to function. The Tribunal allowed the appeal, stating that the earlier decision cited was not applicable and Modvat credit cannot be denied based on the circular. The impugned order was set aside, and the appeal was allowed with consequential relief.