Please explain the 1st point of this question along with solution

What is difference between exempt and non taxable

On 1st January 1980 goods costing 132000 were invoiced by Madras Head office to its branch at Delhi and charged at selling price to produce a gross profit of 25 per cent on the selling price. At the end of the month the return from Delhi branch showed that the sales were 150000. Goods invoiced at 1200 to Delhi branch had been returned to Madras Head office. The closing stock at Delhi branch was 24000 at selling price. Record the above transactions in Branch stock account in the Head office books and close the said accounts on 31st January 1980.

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