The dilemma that has been pointed out by M.K. Bhadra in his article, On Mohanty's Conception of Intentionality, regarding Mohanty‟s attempt to derive reflexivity of consciousness from intentionality, is one of the most provocative issues that may compel anyone to indulge into consciousness studies. The necessity to carry out the present inquiry has emerged significantly from the same source. Over the times, both Husserlian phenomenology and Advaita Vedānta, have ventured exceedingly to work out the nature and fundamental features of consciousness. However, the debate among them became vibrant due to the intervention of contemporary scholars, noticeably the renowned phenomenologist J.N. Mohanty who in the true sense has made the problem to reinforce. The age-old questions that continue to poke the Indian scholars especially the Advaitins and the phenomenologists of different times can be stated as - "What is the nature of consciousness?‟ "Is consciousness by nature intentional or self-luminous (reflexive)?‟ Precisely, the purpose of this study is to evaluate these two well-known theories, namely, "the theory of reflexivity or sva-prakāśa of consciousness‟ as specifically advocated by Śaṅkara and "the theory of intentionality‟ as propounded by Husserl in a new light. In addition, the study aims to examine whether the derivation of reflexivity is logical to detain intentionality. Does intentionality occur prior to make consciousness self-aware? In other words, does reflexivity presuppose previous act of intentionality? Lastly, the present study aims to clarify whether the nature of consciousness permits any real reconciliation between these two theories or not