(8)in section 122, after sub-section (1), the following 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.”.
