Suven Life Sciences Limited has informed the Exchange rectification order for assesment year 2020-21

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AI summary

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 and Development expenditure because the company lacked DSIR approval in Form No. 3CL. The company had submitted a detailed reply explaining legal aspects and merits of the case, but the Assessing Officer passed the order without considering these contentions. The company now plans to appeal to the appellate authority against this rectification order.

Likely market impact

The company states it does not foresee any material impact on its financials, operations, or other activities. The matter is being contested through an appeal, and no monetary impact has been quantified in the filing.