within the period of its validity, whichever is earlier; (b) the payee or the holder in due course of the cheque, as the case ... make the payment of the said amount of money to the payee or, as the case may be, to the holder in due course
under section 138 except upon a complaint, in writing, made by the payee or, as the case may be, the holder in due course ... collection through an account, the branch of the bank where the payee or holder in due course, as the case may be, maintains the account
that nothing contained in this
section shall apply unless
(a)
(b) the payee or the holder in due
course of the cheque, as the case ... make the payment of the said
amount of money to the payee or, as
the case may be, to the holder in
due course
within the period of its validity, whichever is earlier;
(b) the payee or the holder in due course of the cheque,
as the case ... make the payment
of the said amount of money to the payee or, as the
case may be, to the holder in due course
part thereof, has been paid by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system
made to a person in a day, otherwise than by an account payee cheque drawn on a bank or an account payee bank draft
part thereof, has been received by way of an account payee cheque or account payee bank draft or by use of electronic clearing system through
deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly. (3) Where
with the provisions of this Chapter on the sum paid to a payee or on the sum credited to the account of a payee shall ... assessee in default in respect of such tax if such payee— (i) has furnished his return of income under section 139; (ii) has taken into
time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue ... deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly.] [Substituted
