(ii)impose, if he is not satisfied, on him for possession or movement of goods, whether seized or not, in violation of the provisions of sub-section (2) or for submission of false or forged documents or declaration, a penalty equal to maximum [seven times] [Substituted by M.P. Act No. 9 of 2009.] of the amount of tax which would have been payable if the goods were sold within the State on the date of inspection :