Bharat Commerce And Industries Ltd. vs C.C.E. on 16 June, 1988
2. We have heard Shri Mewa Singh, Ld. DR. None appeared for the respondent. We note that the question of admissibility of Modvat credit on furnace oil was examined by the Larger Bench of this Tribunal in the case of Balmpur Industries Ltd. v. CCE . The Tribunal observed that furnace oil for captive generation of electricity which in turn is used for manufacture of final products of assessee, is entitled for Modvat credit even prior to 16.3.95. Since the Larger Bench has already taken a view on the issue and we do not find any reason to discharge with this view, we hold that Modvat credit will be admissible on furnace oil.