1. Of the judgment of the first instance court, the part against the plaintiff falling under the order to revoke below shall be revoked.

Defendant.

1. The grounds for this decision concerning this part of the grounds for the disposition are the same as the corresponding part of the judgment of the court of first instance, and thus, they are cited by Article 8(2) of the Administrative Litigation Act and the main sentence of Article 420

2. Whether the instant disposition is lawful

A. The Plaintiff’s instant disposition should be revoked on the following grounds.

1) Since it is apparent that B is a Belgium resident as a person who transfers the instant stocks to the Plaintiff, in accordance with the Korea-Belgium Tax Treaty, even though Korea does not have the authority to impose tax on the transfer income of the instant stocks, denying B’s substance by applying the substance substance principle, which is merely a legal principle under domestic law, and imposing tax on the Plaintiff, who is not a taxpayer but a withholding agent, as to the Plaintiff, is unilaterally denying the transferor or resident judgment in accordance with the Korea-Belgium Tax Treaty, which has the effect preceding the domestic tax law, and thus, is contrary to the principle of strict interpretation of the no taxation without law and the tax treaty, and is also in violation of the principle of proportionality, which excessively expands the burden of withholding agent. (2) B is an investment holding company, so-called SPC holding company with the legitimate business purpose of holding the stocks of DMD, which is not a Belgium company established for the purpose of tax avoidance, and has been lawfully holding a shareholders’ meeting or the board of directors’ meeting and has been holding a separate financial statement and is a legal entity that is operated independently from the upper parent company.

3) Even if B is merely a conduit company, in light of the following facts, CVC Asian and CSAP is not a substantial owner of the instant capital gains. (A) CVC Asian are merely a partnership that does not belong to income under tax law.