Suven Life Sciences Receives Rectification Order for 2020-21

Suven Life Sciences Ltd received a rectification order from the Income Tax Department for the assessment year 2020-21. The order pertains to the disallowance of weighted deduction claimed under section 35 (2AB) of the Income Tax Act, 1961, due to the absence of approval from the Department of Scientific and Industrial Research (DSIR) in Form No. 3CL. The company has already responded, stating reasons to drop the notice. Suven Life Sciences plans to appeal the order and does not anticipate any material impact on its financials or operations.