Assessee in default: failure to pay tax on distributed income renders the unit trust or mutual fund liable under the tax code. Section 115T deems the Unit Trust of India or a Mutual Fund to be an assessee in default if the person responsible for paying tax on income distributed by the specified company or Mutual Fund fails to pay the tax under section 115R(1) or (2); the unpaid tax amount is recoverable under the Act. The Explanation defines Mutual Fund, equity oriented fund, Unit Trust of India, money market mutual fund, and liquid fund for purposes of this Chapter.