HYDERABAD: Hyderabad's last Nizam's grandson Najaf Ali Khan said on Tuesday that 26 years have passed, but the case of income and wealth tax issues of the Nizam Jewellery Trust has not been resolved yet.
Najaf Ali Khan said that in 1950, Nawab Sir Mir Osman Ali Bahadur Nizam VII had established many trusts. One of these trusts was the Nizam Jewellery Trust, which was managed by all the trustees and they were also given the power to sell jewellery. Among these trustees, the government also appointed a trustee, including Prince Muftakham Ja. These were decided by the Ministry of Finance at the joint secretary level.
After a long case and intervention of the Supreme Court, he said the central government had agreed to buy jewellery worth Rs 206 crore in January 1995. When trustees began handing over nearly the same amount of jewellery to government representatives, the income tax department demanded a total of Rs 30.50 crore dues, income tax and wealth tax. It was later converted to a return. This return was then incorrectly adjusted at the directions of the trustees.
Khan further said, "On December 23, 2020, we wrote a letter to Finance Minister Nirmala Sitharaman asking for a re-invention of the matter. Since we are always paying taxes to the government, we ask them to provide some such solution that will make this matter forever resolved. We hope that the Finance Ministry will look after our case and give the relevant authorities the guidelines to take action in this regard.
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