Earlier, the IPL-II winners suffered a middle-order collapse to squander a breezy start but managed to put on a fighting total on a batting friendly wicket.
Laxman played brilliantly for his 35-ball knock and helped himself with seven elegant fours. Coming at number seven, Rao played a crucial 12-ball cameo to help his team get past the 150-run mark.
Deccan looked headed for a massive score at one stage but wickets fell regularly and that put paid to their hopes. Rohit Sharma was the other notable batsman for Deccan with his contribution of 24 runs.
Ben Phillips took three wickets while Peter Trego and Alfonso Thomas took two wickets apiece for Somerset and were backed by some electric fielding by their teammates.
Image: Alfonso Thomas of Somerset celebrates after his winning shot against Deccan Chargers Champions League Twenty20 at Rajiv Gandhi international stadium Hyderabad on Saturday