Option 1: It is correct to say that the Planning Commission is an advisory body that makes recommendations to the Cabinet. The main purpose of the Planning Commission is to provide expert advice and recommendations on economic and social planning to the government.

Option 2: This option is not true. The Planning Commission is not responsible for the execution of development programs and plans. Its role is to formulate and recommend plans for the effective and balanced utilization of the country`s resources. The implementation of these plans is the responsibility of various government departments and agencies.

Option 3: This option is true. The Planning Commission is indeed responsible for the formulation of a plan for the most effective and balanced utilization of the country`s resources. It plays a crucial role in assessing the resources and needs of the nation and formulating long-term development plans to address them.

Option 4: This option is also true. One of the key functions of the Planning Commission is to identify and indicate the factors that may hinder or slow down economic development. It analyzes various economic and social aspects and provides recommendations to address these factors and promote overall development.

In summary, option 2 is not true as the Planning Commission is not responsible for the execution of development programs and plans.