Amendment status not verified — confirm the current text below against the official source.
In section 122 of (he principal Act, alter sub-section (1), the following sub-section shall be. inserted, namely:— "(1A) Any person who retains the benefit of a transaction covered tinder clauses (i), (ii), (vii) or clause (ix) of sub-section (1) and at whose instance such transaction is conducted, shall be liable to a penalty of an amount equivalent to the tax evaded or input tax credit availed of or passed on.". Amendment