Transaction for Leasing Power Generating Equipment is a Deemed Sale, Exempted from Service Tax: CESTAT

The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that leasing power-generating equipment constitutes a "deemed sale" and is exempt from service tax. The tribunal clarified that such transactions fall under the category of goods rather than services, making them subject to VAT or sales tax instead of service tax. This ruling provides clarity for businesses engaged in leasing equipment, distinguishing between goods and services for tax purposes, and ensuring the correct application of tax laws.