The 74-year-old has been refused relief on six occasions earlier. He was sent to jail in August, 2013 for allegedly sexually assaulting a 16-year-old schoolgirl.
After hearing the arguments of both the sides, Session Court judge Manoj Kumar Vyas reserved the order for January 8.
Asaram was represented in the court by BJP leader Subramanian Swami and he cited almost the same grounds for bail as those in last bail hearing.
He also referred to the "delayed" FIR by the victim gir and said,"She filed the FIR in Delhi after four days of the alleged incident instead of doing it in Jodhpur on the next day of the alleged crime.
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However, the prosecution objected to the points raised by Swami.
Counsel to the girl, P C Solanki said,"We have already justified it in the court and this was the best the girl could have done the given circumstance."
Earlier, three bail petitions of Asaram were turned down by lower court. Apart from the lower courts, he had twice unsuccessfully approached the High Court and was also denied relief by the Supreme Court.