Assessing Officer Rightly Classifies Income as Trading Activity Due to Lack of Evidence for Commission Agent Claim.

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....Determination of income - Commission income or trading activity - addition to the returned income by taking 8% net profit on turnover - in case the assessee would have rendered services as a commission agent then it would have merely acted as a facilitator and not carried out purchase/sale transactions on its own account. As the assessee had failed to substantiate its aforesaid claim of having rendered services merely in the capacity as that of a commission agent, therefore, the A.O in our considered view had rightly rejected its said claim. - AT....