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CESTAT allowed the appeal of the Appellant, holding that leases of ISO tankers from foreign lessors did not constitute a taxable "Tangible Goods Service" under the impugned period but amounted to a deemed sale. The Tribunal found the legal right to use, possession, control of usage and maintenance rested exclusively with the Appellant, evidencing a transfer of right to use goods tantamount to transfer of goods for taxation purposes. Consequently, the reverse charge treatment as taxable service was inappropriate and the assessments under service tax were set aside, resulting in the appeals being allowed in favor of the Appellant.
CESTAT allowed the appeal of the Appellant, holding that leases of ISO tankers from foreign lessors did not constitute a taxable "Tangible Goods Service" under the impugned period but amounted to a deemed sale. The Tribunal found the legal right to use, possession, control of usage and maintenance rested exclusively with the Appellant, evidencing a transfer of right to use goods tantamount to transfer of goods for taxation purposes. Consequently, the reverse charge treatment as taxable service was inappropriate and the assessments under service tax were set aside, resulting in the appeals being allowed in favor of the Appellant.
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