https://www.taxtmi.com/caselaws?id=19515 The Rajasthan HC ruled that income from brokerage constitutes business income rather than professional income. The court distinguished between activities requiring special qualifications (profession) versus those involving commercial transactions under agency agreements (business). Citing Supreme Court precedent in Lakshminarayan Ram Gopal, the court held that brokerage activities, whether under written or verbal agreements, constitute business operations. The Income Tax Appellate Tribunal erred in classifying brokerage income as professional income merely based on manual/professional skill requirements, without establishing special educational qualifications or systematic training. The reference was decided in favor of the Revenue Department. en-us Tue, 11 May 1993 00:00:00 +0530 Wed, 18 Jun 2025 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19515 The Rajasthan HC ruled that income from brokerage constitutes business income rather than professional income. The court distinguished between activities requiring special qualifications (profession) versus those involving commercial transactions under agency agreements (business). Citing Supreme Court precedent in Lakshminarayan Ram Gopal, the court held that brokerage activities, whether under written or verbal agreements, constitute business operations. The Income Tax Appellate Tribunal erred in classifying brokerage income as professional income merely based on manual/professional skill requirements, without establishing special educational qualifications or systematic training. The reference was decided in favor of the Revenue Department. Case-Laws Income Tax Tue, 11 May 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19515