Step 1: Understanding the Question:
This question changes the scenario to May 2007, using the same group of 350 students found earlier. Now every student reads India Today, 120 also read Outlook, and nobody reads Business India. We need the number who read only India Today.
Step 2: Key Formula or Approach:
Since nobody reads Business India, only two magazines matter now: India Today and Outlook. Since every student reads India Today, the India Today circle covers the entire surveyed group. The 120 Outlook readers must also lie inside this same group. So "only India Today" readers are simply everyone minus the ones who also pick up Outlook.
Step 3: Detailed Explanation:
Total surveyed (same group as before) = 350.
Students who also read Outlook = 120.
Since nobody reads Business India, these 120 Outlook readers overlap only with India Today, not with a third magazine.
\[ \text{Only India Today} = \text{Total} - \text{Outlook readers} = 350 - 120 = 230 \]
Step 4: Final Answer:
230 students read only India Today, so the answer is option (C).
\[ \boxed{230} \]