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Where jewellery seized during search and seizure operation was shown in wealth-tax returns before such search operation, jewellery so seized could not be treated as unexplained investment Section 69 of the Income-tax Act, 1961 - Unexplained investments - Assessment year 1993-94 - During search and seizure operation, some gold jewellery was seized from premises of assessee and addition was made on account of jewellery so found as unexplained investment in gold - On appeal to High Court, assessee submitted that seized jewellery belonged to persons who were wealth-tax assessees and, thus, no part of it should be treated as unexplained investment in his hands - Whether if jewellery in question had been shown in wealth-tax return filed before date of search, it could not be treated as unexplained investment in gold jewellery - Held, yes - Whether since there was nothing on record to show that jewellery in question had been disclosed in wealth-tax returns, matter was to be remitted back to Assessing Officer to verify from wealth-tax returns of said wealth-tax assessees whether jewellery in question had been disclosed in their wealth-tax returns - Held, yes P.K. Kasliwal for the Applicant. J.K. Singhi and Anuroop Singhi for the Respondent. JUDGMENT 1. The appeal was admitted in terms of the following question:- "Whether on the facts and in the circumstances of the case the Tribunal was justified in sustaining the addition of 15 tola's gold jewellery in the hands of the appellants being treated as unexplained investment irrespective of the facts that affidavit furnished by the appellant was not disbelieved by the Tribunal ?" 2. On 3-2-1993, a search and seizure operation was carried out at the premises of the assessee appellant under section 132(1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act of 1961'). During the course of search, some books, documents, cash and jewellery were found and seized. The relevant assessment year is 1993-94. On 30-3-1994, the assessee has shown income of Rs. 51,954. 3. A notice under section 143(2) of the Income-tax Act was issued. Reply, in detail, was filed by the assessee, inter alia, stating that there was an addition…

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