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.For the purposes of this Chapter, the expression dividends shall have the same meaning as is given to dividend in clause (22) of section 2 but shall not include sub-clause (e) thereof.]