Section 10(26B) exemption limited to income from housing schemes for Scheduled Castes, not other memorandum objects.

Section 10(26B) exemption was confined to income from housing schemes undertaken pursuant to the assessee's principal object of promoting the interests of Scheduled Castes. Income from activities carried on under other objects in the memorandum, including those relating to backward classes and other weaker sections, was held not to qualify. The exemption therefore applied only to the limited extent of income attributable to the Scheduled Castes housing schemes, not to the assessee's remaining activities.

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Issues: Whether the assessee was entitled to exemption under section 10(26B) of the Income-tax Act, 1961 for its entire income, or only in respect of income attributable to housing schemes executed for the benefit of Scheduled Castes.

Analysis: The exemption under section 10(26B) was held to be available only for the housing schemes undertaken pursuant to the assessee's principal object of promoting the interests of members of the Scheduled Castes. Income arising from activities undertaken under the other objects of the memorandum, including those relating to backward classes and other weaker sections, was held not to qualify for the exemption.

Conclusion: The assessee was entitled to exemption only to the limited extent of income from housing schemes relatable to the principal object concerning Scheduled Castes, and not in respect of the remaining activities.

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