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Microfinance EMI Collections During Demonetisation Held Genuine
Case Law Details
- Case Name
- Bhartiya Samruddhi Finance Ltd Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Bhartiya Samruddhi Finance Ltd Vs DCIT (ITAT Delhi)
Demonetisation Cash ≠ Black Money: NBFC’s EMI Recoveries Explained, S.68 Deleted & 43B Deduction Allowed—ITAT Delhi
Assessee, a RBI-registered NBFC & Micro-Finance Institution, faced addition of ₹2.71 crore u/s 68 on account of cash deposits during demonetisation period, AO alleging unexplained money & even invoking s.269T. Assessee explained that cash represented EMI recoveries from about 17,280 existing borrowers, mostly rural & semi-urban, where cash recovery was normal industry practice, digital payments were non-e...
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