No concealment penalty if expense claimed twice reversed in subsequent year

PCIT Vs Gujarat State Electricity Corporation Ltd. (Gujarat High Court) During the course of scrutiny assessment, it was noticed by the Assessing Officer that the assessee has accounted interest expenses of Rs.11,92,00,000/- twicely. The Assessing Officer therefore, disallowed the same and added it to the total income of the assessee under the regular provision as well as in the book profit under section 115JB of the Act. The Assessing Officer also disallowed 1,13,55,000/- under section 14A of the Act and considering both the disallowances levied penalty under section 271(1)(c) of the Act at 1...