The assessment was completed u/s.143(3). Thereafter the PCIT issued a notice u/s 263 on the issue of diminution in the value of investment in a subsidiary of the assessee recorded in the books of the assessee. Section 263 proceedings were invoked since the diminution in value of investment was recorded as loss and thereafter added back this deduction under normal provisions of the Act but the same was not added while computing income under MAT provisions u/s 115JB of the Act. The assessee filed its response and explained that there was no error in the original assessment order. Accordingly, the PCIT dropped the proceedings. However, the case of the assessee was reopened on two issues, which included the issue already taken up by the ld. PCIT. Honourable High Court held that since PCIT granted approval for reopening an issue which was already considered in the proceedings u/s 263 and thereafter such revisionary proceedings were dropped. Reopening notice was quashed. The Hon’ble Apex Court upheld the view of the Hon’ble High Court and dismissed the SLP preferred by the Department (AY. 2012-13)