The correct answer is option 2. This statement is incorrect because chaparral vegetation is actually found in the Mediterranean climate, not the Taiga climate.

Now, let`s dissect each option to better understand why the other options are correct:

Option 1: Mahogany is indeed a timber species of the Tropical Rainforest. Mahogany trees are known for their valuable hardwood timber and are commonly found in tropical regions.

Option 3: Lichens are predominantly found in the Tundra region. Lichens are a unique organism that consists of a symbiotic relationship between fungi and algae. They are well-adapted to survive in harsh and extreme conditions, making them common in the Tundra region where the environment is cold and inhospitable.

Option 4: Sal is a representative species of Moist Deciduous Forest. Sal, scientifically known as Shorea robusta, is a dominant tree species in the Moist Deciduous Forests of India. It is well-adapted to the moist and tropical climate of these forests.

In conclusion, the statement that is NOT correct is option 2, which claims that chaparral vegetation is found in the Taiga climate, when in reality, it is found in the Mediterranean climate.