Hemanth,
If I understand your requirement correctly: User should be able to mark the Phonecall as "Closed" but still should be able to edit the phone call?
Please note that : OOTB --> Whenever we mark a phonecall/ activity as closed/Completed/Cancelled, it will be deactivated and form will become Read Only.
Solution --> You don't need to dig deeper into the JS of Close Phonecall button. You dont need any code at all.
-->
1. Just add another value for Status Reason field . e.g. add "Close"
2. Add Status Reason field on the Phone call form. ( You will see to Statuses - Open and Close)
3. Hide the Close Phone Call /Mark Complete button on Phonecall form ( using ribbon workbench)
4. Train the users to use the Status Reason field to indicate if the Phonecall is Open or Close.
Outcome:
1. Because the Close Phonecall button is hidden, users will not be able to Close or Deactivate the phonecall - Deactivating makes the form Read Only
2. Because there is an extra Status Reason- Close, users can indicate the Phone Call as Closed/Open- This will not make the form Readonly
3. This solution requires NO CODE.