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Section 48, Explanation (v) of the Income-tax Act, 1961 – Notified Cost Inflation Index for financial year 2007-08 / Assessment Year 2008-09
NOTIFICATION NO. 214/2007, DATED 3-8-2007
In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to seventy-five per cent of the average rise in the Consumer Price Index for the financial year commencing from the 1st day of April, 2006 and ending on the 31st day of March, 2007 for the urban non-manual employees, hereby specifies the Cost Inflation Index for the financial year commencing from the 1st day of April, 2007 and ending on the 31st day of March, 2008 and for that purpose further makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, Number S.O. 709(E), dated the 20th August, 1998, namely:—
In the said notification, in the Table, after serial number 26 and the entries relating thereto, the following serial number and the entries relating thereto shall be added, namely :—
S.N0. YEAR COST INFLATION INDEX
“27 2007-08 551
[F. No. 142/5/2007-TPL}
Date: 03-08-2007
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