The statement "It was led by Mahatma Gandhi" is incorrect because, while Gandhi was a prominent leader of the Quit India Movement of 1942, the movement was characterized by a decentralized and mass-based approach rather than being solely led by him. The movement also saw significant participation from various factions within the Indian National Congress and other political groups, showcasing a broader nationalistic fervor against British rule. This highlights the importance of collective leadership and grassroot mobilization in India's struggle for independence, a key concept in understanding the dynamics of the freedom movement as examined in standard UPSC-level sources.