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States » SouthPosted at: Jan 12 2021 8:48PM


Last Nizam's grandson urges Centre to settle Income, Wealth Tax issue pending since 1995

Hyderabad, Jan 12 (UNI) Grandson of the last Nizam Nawab Mir Osman Ali Khan, Nawab Najaf Ali Khan, on Monday requested the Centre to settle the Nizam family's Income and Wealth Tax issues, pending with the Income Tax Department, since 1995.
In his letter addressed to Union Finance Minister Nirmala Sitharaman earlier, Mr Najaf had said that most of the beneficiaries were senior citizens, having health and financial issues and many of them have even expired.
Despite extending full co-operation towards the IT department in furnishing the genuine requisite information from time-to-time, no result has come up, he said.
In order to conclude the issue, Mr Najaf requested Ms Sitharaman to direct the concerned officers to look for a one-time solution and settlement, saying ''We are ready to cooperate''.
To a question, Mr Najaf said ''The main reason for the family suffering for so many years is none other than Prince Mufakkham Jah, along with the Trustees of the Nizam Jewellery Trust''.
Had they, along with the Income Tax Department acted responsibly, he said ''This matter would have been resolved and the family wouldn't have to face distress for so many years''.
Today, marking the 26th year of the unresolved Nizam Jewellery Trust Income Tax issue, he said in 1950's, Nawab Sir Mir Osman Ali Bahadur Nizam VII created various Trusts for the benefit of his family members.
One such trust was the Nizam Jewellery Trust, which was being administered by its Trustees, who were empowered to sell the Jewellery. The trustees included, among others, Prince Muffakham Jah and a Government nominated trustee from the Finance Ministry, at the level of a Joint Secretary.
The Nizam Jewellery Trust Deed clearly stated about the responsibilities of Trustees that they were answerable to their receipts, neglects, defaults and own acts.
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Tags: #Last Nizam's grandson urges Centre to settle Income# Wealth Tax issue pending since 1995
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