Hello, I’m currently a student in my final semester in an engineering college, I have been placed at Deloitte India. I had no academic backlog during my selection process but I got an internal KT in my 7th semester which has been cleared and it wont be reflecting in my 8th semester certificate, since I will have a backlog while joining the company ( because my start date would be before I get my 8th semester mark sheet) will my placement be cancelled?

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No not at all.
Just do ensure to get your marksheets on time from the college prior to joining the organisation and don't mention the backlog thing to HR and all.
If they ask for any reason for delay in marksheet, just say issue from the academic block of your college due to some issue with the name and stuff.

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