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<h1>Tribunal rules nitrogen gas as intermediary product, allowing Modvat credit.</h1> The Tribunal held that nitrogen gas qualifies as an intermediary product as it is necessary for manufacturing final products, rejecting the Revenue appeal ... Modvat on capital goods The Revenue appeal was against allowing Nitrogen Gas Generator for Modvat credit as capital goods. The issue was whether the generated nitrogen gas is a final product or an intermediary product. The Tribunal held that nitrogen gas qualifies as an intermediary product as it is not sold and is necessary for manufacturing final products, thus rejecting the Revenue appeal.