[Income Tax] Delhi HC Larger Bench To Decide On Retrospective Applicability Of Extended Limitation For Reassessment In Cases Involving Foreign Assets

The Delhi High Court has constituted a larger bench to decide on the retrospective applicability of the extended limitation period for reassessment in cases involving foreign assets. This issue arises from amendments to the Income Tax Act that provide a longer period for reopening assessments where foreign assets are involved. The court seeks to clarify whether this extended period applies to past cases as well. The decision will have significant implications for tax litigation, particularly for individuals and entities with overseas holdings. The outcome will determine the scope of reassessment powers in such cases.