(4)Where the gross total income of the specified fund or Foreign Institutional Investor—(a)consists only of income in respect of securities referred in sub-section (1) (Table: Sl. No. 1), no deduction shall be allowed to it under sections 28 to 58, 60 and to 61 or section 93(1)(a) or (e) or under Chapter VIII;(b)includes any income referred to in sub-section (1) (Table: Sl. No. 1) to (Table: Sl. No. 5),––(i)the gross total income shall be reduced by the amount of such income; and(ii)the deduction under Chapter VIII shall be allowed as if the gross total income as so reduced, were the gross total income of the specified fund or Foreign Institutional Investor.
