2001 (2) TMI 263

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..... assessment year 1985-86. 2. The assessee is a firm who paid interest of Rs.57,863 to Shri V.P.P. Rasquinha, for the assessment year 1985-86. The assessee did not deduct IT from such interest payment under section 194A of the IT Act. Hence, the Assessing Officer charged interest under section 201(1A) for the default. It is mentioned in the order of the Assessing Officer that there was no respon .....

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..... rtners acting on behalf of the firm who are making the payment and such partners are liable to income-tax in the status as Individual. Since section 194A excludes individuals and HUF from the obligation of deducting tax at source, there is no obligation cast on the partners of the firm who have made the interest payment in the present case to deduct tax at source from such pay ment. 4. On the o .....

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..... ual. HUF, company, firm, AOP, etc. It is well settled in law that for the purpose of the IT Act, a firm is different entity as contrasted with the partners thereof who are also assessable in the status as individuals. The definition of 'person' under section 2(31) encompasses the entire gamut of the IT Act, unless the context otherwise requires. There is nothing in the provisions of the Act which .....

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