Assessee filed return of income and was processed under Section 143(1) of the Act. Subsequently the case was reopened under Section 147 on the allegation of accommodation entry taken. The AO after due enquiry accepted the returned income vide reassessment order. The assessee’s case was again reopened under Section 147 based on the same reasons for reopening as issued during first reassessment proceedings. Subsequently, the AO issued order dropping the said reassessment proceedings. The Principal CIT initiated revision proceedings under Section 263. The Tribunal held that the since the second round of reassessment proceedings were on the same set of facts as the first round, the same were dropped by the AO and thus the first reassessment order stood merged with the second. Thus, the said order cannot be revised under Section 263 of the Act since only the valid reassessment order can be revised.  (AY. 2009 -10)