Cost Inflation Index revised: government updates the index entry for the financial year under Section 48 amendment based on CPI. Under clause (v) of the Explanation to Section 48 of the Income-tax Act, the Central Government, having regard to seventy-five per cent of the average rise in the Consumer Price Index for urban non-manual employees for 2001-02, specifies the Cost Inflation Index for the financial year 1 April 2002 to 31 March 2003 as 447 and inserts the corresponding serial entry into the Table of Notification S.O. 709(E) dated 20 August 1998.