Rectification order for Assesment year 2020-21

Suven Life Sciences received a rectification order under Section 154 of the Income Tax Act from the Income Tax Department, Kondapur, Hyderabad. The order disallows weighted deduction claimed under Section 35(2AB) for Research & Development expenditure due to lack of DSIR approval in Form No. 3CL. The company had submitted a detailed reply with legal arguments and merits to contest the notice, but the Assessing Officer proceeded to pass the order anyway. The company is now preferring an appeal to the appellate authority against this rectification order. Management states they do not foresee any material impact on the company's financials, operations, or other activities.