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