Perhaps you can explore the possibility of investment in tax free bonds, as the income exempt u/s 10 will not be considered for the purpose of computation of book profits u/s 115JB of Income Tax Act. Otherwise, there seems to be no possibility of excluding mutual fund income from book profits even though under normal tax provisions there is eventually a capital loss.
It may be appreciated that the very purpose of introducing MAT is to reduce the gap between the tax liability as per computation of income as per the provisions of Income Tax Act and at the same time having huge book profits that do not suffer any tax liability.