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<h1>ICC World Cup 2011 Recognized as International Sporting Event Under Section 10(39) of Income-tax Act 1961</h1> The Central Government, under clause (39) of section 10 of the Income-tax Act, 1961, has designated the International Cricket Council Cricket World Cup 2011 as an international sporting event. It recognizes certain entities, including ICC Development (International) Ltd. and its affiliates, as eligible persons. The specified income includes earnings in India directly related to the event from agreements with parties such as LG Electronics and Pepsi-Cola International, categorized as sponsorships. This income is specified only if the tax liability is not shifted to another party and is borne by the entities mentioned.