The level structure of Xe-123 has been studied through Te-122 (alpha,
3n) reactions using an in-beam gamma-ray spectroscopic technique. The
results of the present investigation are in agreement with the availab
le experimental data an the level scheme and multipolarities of severa
l gamma-transitions. No new level has been found to be excited in the
present work. A symmetric rotor-particle model calculation of the leve
l properties of this isotope has been carried out. A comparison of the
results of the present work with those obtained earlier shows that th
ere is no definite experimental and theoretical evidence for the prese
nce of triaxiality in the equilibrium shape of this nucleus.