I don't understand the problem you are having, can you be more clear?
Sounds like this:
if(setcookie ("cookie_info",$cookie_data, $time+3600)==TRUE)
?> if check is on <?PHP
echo "Cookie SET".$cookie_data; ?>
is never evaluated to true, is that correct?
As well, unless you have output buffering enabled in your php.ini, this code will never set a cookie correctly. This is because you have previous output to the browser, which you will need to capture either in a variable or by using output buffering in order to set the actual cookie.