AO also made a disallowance u/s 14A. On appeal, CIT(A) deleted addition on ground that provisions of S.14A were not applicable to insurance company.  Allowing the appeal of the revenue the Tribunal held due to deletion of rule 5(b) of first Schedule by Finance Act, 1988, there was no provision for any adjustment for profit on sale of investment by Insurance company. Accordingly the AO  has rightly taken  the view that sale of investments as taxable income of assessee. (AY. 2003 -04 to 2007 -08)