Toluene $\underset{{\mathrm{FeCl}}_3}{\overset{{\mathrm{X}}_2}{\to }}\mathrm{P}$  incorrect statement is 

${\mathrm{X}}_2/$Lewis acid - electrophilic substitution reaction on benzene

${\mathrm{X}}_2\left|\mathrm{hV}\right({\text{or) X}}_2|\mathrm{\Delta }-$free radical substitution on benzylic carbon 

$-{\mathrm{CH}}_3$ group due to +I, +R (H.C) is an o, p-directing group

Iodination

Along with the major & minor products HI is the byproduct 

HI reduces these iodoarenes back to toluene 

It is reversible 

It is better carried out in presence of oxidants like ${\mathrm{HIO}}_3,{\mathrm{HIO}}_4 \left(\mathrm{or}\right) {\mathrm{HNO}}_3$

They oxidize HI to ${\mathrm{I}}_2$ and prevent backward reaction. Fluorination is explosive 

$\therefore \mathrm{P}$ is benzyl halide is false. 

‘P’ would be the product when sunlight is used.