Insertion of new Section 122B

After Section 122A of the principal Act, the following Section shall be inserted, namely:— “122B. Notwithstanding anything contained in this Act, where any person referred to in clause (b) of sub-section (1) of Section 148A, Acts in contravention of the provisions of the said section, he shall, in addition to any penalty under Chapter XV or the provisions of this Chapter, be liable to pay a penalty equal to an amount of Rs. 1,00,000 or ten per cent of the tax payable on such goods, whichever is higher.”.