Option 1 states that the Indian National Congress was formed at a national convention held in Calcutta in December 1885 under the Presidency of Motilal Nehru. This statement is incorrect. The Indian National Congress was indeed formed at a national convention held in December 1885 in Bombay (now Mumbai), not Calcutta (now Kolkata). Additionally, Motilal Nehru was not the first President of the Indian National Congress.

Option 2 states that the Safety Valve Theory regarding the formation of the Indian National Congress emerged from a biography of A. O. Hume written by William Wedderburn. This statement is true. The Safety Valve Theory suggests that the British government allowed the formation of the Indian National Congress as a safety valve to release the pressure of Indian discontent, while still maintaining control.

Option 3 states that an early decision was made that the President of the Indian National Congress would be from the same region where the session was held. This statement is true. In the early years of the Congress, there was a convention that the President would be from the region where the session was being held to ensure representation from different parts of India.

Option 4 states that W. C. Banerjee was the first President of the Indian National Congress. This