Penalty under Section 271B upheld as deletion was sustained on settled legal principles in favour of the assessee.

Penalty under Section 271B was not sustainable where the Tribunal had deleted the levy, because the referred question was answered in the assessee's favour on the basis of settled legal position in the cited decisions. The deletion of penalty was therefore upheld, and the Revenue's challenge failed.

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Issues: Whether the Tribunal was correct in deleting the penalties levied under Section 271B for the assessment years 1991-92 and 1992-93.

Analysis: The question referred was answered in the affirmative in light of the settled position reflected in the cited decisions, with the result that the deletion of penalty was upheld.

Conclusion: The question was answered in favour of the assessee and against the Revenue.

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