Delhi High Court Refers IT Reassessment of Foreign Assets to Larger Bench

The Delhi High Court has referred to a larger bench the question of whether the 16-year reassessment period for foreign assets, introduced by the Finance Act, 2012, can be applied retrospectively.

The issue arose from petitions challenging reassessment notices issued for assessment years as far back as 1997–98. Petitioners argued these were time-barred under the previous six-year limit and cited the 2018 Brahm Datt ruling.

However, the Court noted this ruling didn't consider certain statutory explanations suggesting retrospective applicability.

Due to conflicting interpretations and the importance of the issue, a larger bench will decide the matter. Hearing resumes on July 25.