Incorrect statement(s) reagarding the reaction is / are :
On heating the product with concentration H2SO4
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The reaction shown is the benzilic acid rearrangement, where a 1,2-diketone (benzil) rearranges to an α-hydroxy acid (benzilic acid) under base. This is not a disproportionation (no same element undergoing both oxidation and reduction) nor a redox reaction (no change in oxidation states). The product with concentrated H2SO4 undergoes dehydration to form a tetraphenyl substituted furan derivative, not the structure shown in the last image.
Final Answer: The incorrect statements are "Disproportionation reaction", "Reaction is an example of redox reaction", and the product shown with H2SO4 is wrong.