Preheat oven to 325. Grease 10 inch tube pan; set aside.
Sift together flour, baking soda, salt and cinnamon into large bowl. Stir in nuts. Combine sugar, oil, eggs, and vanilla in medium bowl. Stir in apples. Stir into flour mixture just until moistened. Spoon batter into prepared pan, spreading evenly.
Bake 1 hour or until toothpick inserted in center comes out clean. Co cake in pan on wire rack for 10 minutes. Remove from pan; cool completely on wire rack. Sprinkle powdered sugar over cake before serving.