For section 218 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 1978, namely :-
"218. When assessee deemed to be in default. - (1) If any assessee has sent, -
(a) under sub-section (1) of section 209A, a statment, or
(b) under sub-section 209A or section 212, an estimate or a revised estimate,
of the advance tax payable by him, but does not pay any instalment in accordance therewith on the date or dates specified in section 211, he shall be deemed to be an assessee in default in respect of such instalment or instalments.
(2) If any assessee does not pay on the specified date any instalment of advance tax that he is required to pay under section 210 and does not, before the date on which any such instalment as is not paid becomes due, send under sub-section (1) or sub-section (2) of section 212, an estimate or a revised estimate of the advance tax payable by him, he shall be deemed to be an assessee in default in respect of such instalment or instalments.
(3) Notwithstanding anything contained in sub-section (1) or sub-section (2), an assessee shall not be deemed to be in default in respect of any amount of which the payment is deferred under section 213, until after the date communicated by him to the Income-tax Officer under that section.".