Cost Inflation Index - Definition / Legal Terminology - Income Tax

Explanation.(v) - For the purposes of section 48 of the Income tax Act 1961,- Cost Inflation Index , in relation to a previous year, means such Index as the Central Government may, having regard to seventy-five per cent of average rise in the Consumer Price Index (Urban)] for the immediately preceding previous year to such previous year, by notification in the Official Gazette, specify, in this behalf .