There is a reason why I'm using an (autocomplete) Entity Reference field on my Content Type, instead of the Drupal's default term reference. It is linked to a taxonomy vocabulary and it's working just fine for my purposes.
What I can't achieve is for a term to be created on-the-fly (auto-creation), if it doesn't already exists in the tax vocabulary, while authoring a new node of that Content Type. Just like drupal's default term reference can do.
Thanks alot for your time.