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<h1>Domestic company or principal officer treated as assessee in default for unpaid distributed profits under Section 115-O; tax recovery applies</h1> If a domestic company or its principal officer fails to pay the tax on distributed profits as required by section 115-O, that company or officer is treated as an assessee in default for the unpaid amount; all statutory provisions for collection and recovery of income tax apply to recover the tax. An earlier explanatory clause was omitted by later amendment.