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Section 10(22 ) of the Income-tax Act, 1961 - Educational institutions - Assessment year 1997-98 Where Tribunal held that remuneration paid to wife and children of managing trustee of trust and electricity bills towards his residence could not be termed as misutilisation of funds, but evidence on record showed misutilisation of funds, assessee-trust was rightly denied exemption under section 10(22 ) [In favour of revenue] Where the Assessing Officer denied exemption to the assessee-trust on the ground of misutilisation of the funds of the trust but the Tribunal held that the remuneration paid to the wife and children of the managing trustee of the trust and the electricity bills towards his residence could not be termed as misutilisation of funds: Held that, the various details referred to in the assessment order by the Assessing Officer were supported by voluminous documentary evidence and admitted facts and the amount in the bank account in the name of the trust was being misutilised in the name of the family members of the managing trustee. The finding of fact had been recorded by the Tribunal without adverting to the finding of fact recorded by the original authority with reference to the material evidence. Therefore, the finding and reasons recorded on the contentions were erroneous. Thus, the assessee-trust was rightly denied exemption under section 10(22). M.V. Seshachala for the Appellant. M.V. Javali for the Respondent. JUDGMENT V. Gopala Gowda, J. - This appeal is by the appellant questioning the correctness of the order dated July 31, 2003, passed by the Income-tax Appellate Tribunal, Bangalore, in I. T. A. 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 be denied on the basis of the provisions of section 13(2B) (sic) 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…

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