Wrong ITR Form Not Fatal – Family Trust Not Taxable at MMR: ITAT Agra

Lipi Jain Family Trust Vs ITO (Exemption) (ITAT Agra) Wrong ITR Form, But No Punishment: Tribunal Accepts Bona Fide Error -Private Family Trust with Single Beneficiary Not Taxable at MMR Background Assessee: Lipi Jain Family Trust, a private specific family trust created by will of late Shri Babulal Jain for sole beneficiary Ms. Lipi Jain. Original return filed on 18.02.2017 in ITR-7 (meant for charitable trusts) instead of ITR-5. CPC processed return (19.10.2017) & taxed income at Maximum Marginal Rate (MMR). Revised return later filed in correct form, but CPC ignored it, saying original...