Amendment of section 122

In the principal Act, in section 122, after sub-section (1), the following new sub-section shall be inserted, namely: - "(1A) 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 be liable to a penalty of an amount equivalent to the tax evaded or input tax credit availed of or passed on.".