When company is deemed to be in default.115Q.
If any principal officer
of a domestic company
and the company does not pay tax
on distributed profits in accordance with the provisions of section 115-O
, then, he or it shall be deemed to be an assessee
in default in respect of the amount of tax payable by him or it and all the provisions of this Act for the collection and recovery of income-tax shall apply.Explanation.—4[