V. Gopala Gowda, J.— This appeal is by the appellant questioning the correctness of the order dated 31-7-2003 passed by the Income Tax Appellate Tribunal, Bangalore, in ITA No. 769/Bang/2002 for the assessment year 1997-98, by framing the following substantial questions of law:

12. Whether the Tribunal was correct in holding that the assessee was entitled to exemption under Section 10(22) of the Act?

13. Whether the Tribunal was correct in holding that exemption under Section 10(22) of the Act cannot he denied on the basis of the provisions of Section 13(2B) of the Act?

14. Whether the Tribunal was correct in recording a finding that the misuse of funds was very insignificant and there was exaggeration by the Assessing Officer in holding that the payments had been made to family members as there were only minor irregularities in accounts and that the remuneration and electricity bill being paid was justified by ignoring the cogent evidence examined by the Assessing Officer which clearly disclose that the Chairman, his wife and sons were running the institution as a family concern not for the sole purpose of education but also for profit.

2. The learned Counsel appearing for the