C1240 Mitsubishi Magna is described as Intake Air Temperature (IAT) Circuit Malfunction. It's actually a general trouble code for a problem on IAT electrical circuit sensor, as it sends incorrect voltage input signals to the PCM. So if the problem persists despite of your diagnosis, then you should never hesitate to take your vehicle to your dealer or to a qualified mechanic.
Possible Causes :
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Find out what kind of system you have and verify that voltage to the fuel level sensor is present at the fuel pump wiring harness. Oxygen sensors signal the engine management computer the amount of oxygen present in the exhaust, which is used in determining and controlling the fuel ratio. If the scan tool has that capability, and the scan tool can operate the IMRC valves, then the problem is either resolved and a simple code clearing is all that's left or a new PCM would be called for.
Diagnostic trouble code C1240 Mitsubishi Magna is not difficult to diagnose and repair. Thus, it always pays to have a qualified technician to look after your vehicle should this error code arise.
Diagnosing this code requires the engine to be in good running shape, without unmetered air entering the engine. If other codes that relates to misfiring condition, lean running or air entering the engine is present, then you must first fix those error codes before C1240 Mitsubishi Magna.
Fortunately, C1240 Mitsubishi Magna is a fairly common OBD code, meaning that it applies to all makes and models of vehicles made after 1996.