Tribunal held that the investments made out of shareholders’ funds was an integral and inextricable part of the life insurance business and not an independent business. Hence, the Assessing Officer was to take the profits shown in the shareholders’ profit and loss account as part of the income derived from life insurance business.  The accrual surplus or deficit had to be determined in the manner provided in old forms G, H and I. Held, admitting the additional ground, that the issue was to be remitted to the Assessing Officer with a direction to verify the claim of the assessee under section 80G of the Act. Matter remanded. Held, that the assessee was entitled to exemption under section 10(34) for the dividend income. Relating to applicability of section 14A for disallowance of expenditure in respect of income not forming part of total income, since section 44 created a specific exception to the applicability of sections 28 to 43B, the purpose, object and purview of section 14A had no applicability to profits and gains of an insurance business. (AY. 2014-15)