Hello Suresh
There is no configuration to influence the display of an inspection lot on transaction MD04. An inspection lot should always be displayed on MD04 if it's MRP relevant. The only exception is an inspection lot for HUs (see note '819617 - MD04 : Inspection lots not displayed for handling units" for details).
If you want to hide an specific inspection lot on MD04, you can use BAdI MD_CHANGE_MRP_DATA. See the following blog with an example of how to use this BAdI:
Making an element not relevant to MRP or MD04 using BAdI MD_CHANGE_MRP_DATA
Regards
Caetano