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"a) Whether the Settlor & Beneficiary are different in present case:
The Hon'ble ITAT has pointed out to the confusion arisen due to the similar confusing names of Settler & Beneficiary in the Indenture of Trust. As rightly observed by Hon'ble ITAT, the Settler in this case is "Infrastructure Leasing & Financial Services Ltd.", whereas the Beneficiary under Class "P" in Schedule A of the Indenture of Trust is "IL&FS" which as per the definition clause of indenture of trust means "IL&FS Financial Services Limited". I have gone through the Indenture of Trust and find that the clause 1.1.20 reads as "IL&FS means IL&FS Financial Services Limited", hence naturally the "IL&FS" mentioned in Schedule A thereof is to be read as "IL&FS Financial Services Ltd." only. It is therefore clear that the observation of CIT(A)-30 that the name of said investor & sole beneficiary "IL&FS Financial Services Ltd." was not appearing in the Indenture of Trust seems misconceived. I have also made an internet search about the status of IL&FS Financial Services Limited at its website www.ilfsifin.com , and find that the said company is a 100% subsidiary of Infrastructure Leasing and Financial Services Limited, hence these two are distinct legal entities. From the above, it can be inferred that the Settlor "Infrastructure Leasing & Financial Services Ltd.", and the Beneficiary "IL&FS Financial Services Ltd." are two distinct entities, as also observed by Hon'ble ITAT.