Taxation of a body corporate which is a partner in llp

A new Limited Liability Partnership is formed in the name of ABC LLP which has two designated partners, 1) which is an individual (say Mr.EFG) and 2) which is a body corporate (say XYZ Pvt Ltd)

Since LLP is taxed on the basis of a partnership firm, and the profits of the the partnership is exempt from tax in the hands of the partners, am I correct in assuming in this case that, for the company (XYZ Pvt Ltd), its share of profit in ABC LLP is exempt from double taxation?

Thank you,

Vijay Sundar