TDS deductible on interest payment by Co-Op bank to Minors & Unregistered Firms

Sadhana Sahakari Bank Ltd. Vs ACIT (ITAT Pune) During the assessment proceedings, the AO observed that assessee has not deducted TDS on interest income earned by minor and partnership firm. The AO observed that minor and partnership firm are not members of the assessee. Therefore, the AO held that as per section 194A of the Act, TDS was mandatory, hence, AO disallowed an amount of Rs.7,92,500/- which was interest paid to minor and Rs.2,60,181/- which was interest paid to unregistered firm. Before the ld.CIT(A), assessee had submitted that TDS was not deducted in the case of minors, because min...