The Delhi High Court permitted the writ petition in favour of Mitsubishi Corporation and quashed the assessment order since the tribunal losses to regard the entire powers granted to it u/s 254 of the Income Tax Act of 1961, and the order was quashed to the extent that they denied consideration of the additional reasons that had been raised by the applicants. The taxpayer, Mitsubishi Corporation, filed its Income Tax Return ( ITR ) dated 31-10-2005 declaring an income of INR 4,18,98,800/-. Afterwards, a revised income was filed, declaring the…