Failue of the assessee partner to deduct TDS on Interest on overdrawn balance with the firm is liable to penalty for failure to deduct tax.

S. 19A(3)(iv) exempts interest credited or paid by a firm to a partner of the firm but vice versa is not true . So the alleged belief of the partner that vice versa is true i.e partner is also not liable to deduct tax form the overdrawn balance was brushed aside by Kerala High Court in Thomas Muthoot [2015] 61 taxmann.com 76 (Kerala) JULY  3, 2015 . The plea of reasonable cause u/s 273B also held not applicable