Microfinance EMI Collections During Demonetisation Held Genuine

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...