Money can’t buy happiness, but it can surely buy the kind of misery you prefer. Who knows it better than the Nizam’s family!
The once whisperingly rich man’s progeny are now caught in deep troubles. Not for want of money but because of it. The windfall the family got after sale of the fabulous Nizam’s jewellery has landed it in a spot.
The family woes commenced ever since the Government of India acquired the Nizam’s jewellery for a whopping Rs.206 crore in 1995. Since then, there is no end in sight to the litigations with the Income-Tax department. The crux of the problem is the dispute over payment of tax dues of Rs.8.99 crore.
Nawab Najaf Ali Khan, president, Nizam Family Welfare Association, regrets the lack of initiative by the Income-Tax department to resolve the pending issues despite the intervention of Finance Minister Pranab Mukherjee.
Fed up, he plans to stage a dharna along with family members at Jantar Mantar in Delhi during the forthcoming Parliament session.
The proceeds from jewellery sales were apportioned among the beneficiaries according to their specified share. The 7 Nizam, Mir Osman Ali Khan, had 16 sons and 18 daughters.
Presently, there are two sons, three daughters and 104 grandchildren. The I-T department raised a total demand of Rs.30.5 crore towards arrears of income tax and wealth tax along with interest.
However, following an agreement, the Trustees paid Rs.15.45 crore in 1995 and deposited the interest portion of Rs.15.05 crore in fixed deposit in the State Bank of Hyderabad, Gunfoundry branch.
This amount after refunds is now reduced to Rs.8.66 crore and is under lien to the I-T department pending final settlement.
“If the grievances are properly attended to and tax files reconciled the tax will become nil. In fact, it will result in refunds,” says Mr. Khan, grandson of the 7 Nizam.
He contends that the Nizam family cleared all dues in 1995. “If there are any arrears after 1995 we are ready to pay but the figure of Rs.8.99 crore is wrong,” Mr. Khan says.
He feels the department is unnecessarily dragging the issue on the plea of shortage of staff and files not being traced when the A.P High Court directed in 2006 to finalise all pending matters within eight weeks.
Senior citizens
The family wants the department to at least release the interest on the lien amount of Rs.8.66 crore. Most of the Nizam family members are senior citizens down with old age ailments. They want the department to settle the matter expeditiously.
–Agencies