Chirag,
look back in this thread on the pages from late Jan 2008 to Mid March 2008 (posts 690 - 850 or so). There was 5 or 6 of us that spent a lot a energy in solving the gearing issues on a TT-01. Some like myself race TCS and had to stay strictly with Tamiya unaltered parts, some were mod-ing gears or finding 3rd party products to solve issues. Which ever suits your style, one of us found your solution during that time.
Short answer: no, the gears aren't 48 pitch, they are 0.6mm pitch; close, but at 48 pitch will chew up your gears.
Long answer: read the trail of posts, we worked out some very nice solutions.