DEMO|

The Assam Value Added Tax Act, 2003.
CHAPTER - I : PRELIMINARY

2. Definitions.

In this Act, unless the context otherwise requires,—

(27) "lease" means any agreement or arrangement whereby the right to use any goods for any purpose is transferred by one person to another (whether or not for a specified period) for cash, deferred payment or other valuable consideration without the transfer of ownership of goods and includes a sub-lease but does not include any transfer on hire purchase or any system of payment by instalments;