(2)Irrespective of anything contained in sub-section (1), any person,—(a)including the principal officer of a company, who fails to deduct; or(b)responsible for collecting tax as per section 394(1) (Table: Sl.Nos. 1 to 5 and 9), who fails to collect,the whole or any part of the tax, as required under this Chapter, on the amount paid or credited to the account of payee or, on the amount collected or debited to the account of the buyer or licensee or lessee, as the case may be, shall not be deemed to be an assessee in default in respect of such tax, if the payee or buyer or licensee or lessee has—(i)furnished his return of income under section 263;(ii)taken into account the amount for computing income in that return of income; and(iii)paid the tax due on the income declared by him in such return of income, and the person furnishes a certificate to this effect from an accountant in the form as may be prescribed.
