Which one of the following statements about the Supreme Court is not correct?

Statement 1 is incorrect because while Article 129 establishes the Supreme Court as a 'court of record' with the power to punish for contempt of itself, Article 144 does not vest this power [1]. Article 144 instead mandates that all civil and judicial authorities in India shall act in aid of the Supreme Court [1]. Statement 2 is correct as Article 143 vests the Supreme Court with advisory jurisdiction. Statement 3 is correct because under Article 143(1), the Court 'may' report its opinion, implying it can refuse to answer references on matters of public importance, though it is bound to answer references under Article 143(2) regarding pre-constitutional treaties [2]. Statement 4 is correct as Article 141 explicitly states that the law declared by the Supreme Court is binding on all courts within India [2].

Sources

1. [1] https://www.mcrhrdi.gov.in/ASO/week-4/2015%20Contempt%20of%20Courts%20in%20India.pdf
2. [2] Introduction to the Constitution of India, D. D. Basu (26th ed.). > Chapter 22: THE SUPREME COURT > CHAP.ti] THE SUPREME COURT 343 > p. 344