Step 1: Analyzing Statement-I.
The given reaction is the cleavage of a benzyl ether (Ph-O-CH\(_2\)Ph) with HI.
The reaction mechanism is as follows:
\[
\text{Ph-O-CH}_2\text{Ph} \xrightarrow[\text{HI}]{\Delta} \text{Benzyl alcohol (C}_6\text{H}_5\text{CH}_2\text{OH}) + \text{Iodobenzene (C}_6\text{H}_5\text{I})
\]
This results in the formation of benzyl alcohol and iodobenzene. Therefore, Statement-I is incorrect, as the product is a mixture of benzyl alcohol and iodobenzene, not just a single product.
Step 2: Analyzing Statement-II.
Statement-II correctly describes the cleavage of the C-O bond (O-CH\(_2\) bond) during the reaction with HI. The mechanism involves the protonation of the oxygen atom, which weakens the bond, leading to the formation of benzyl alcohol and iodobenzene. Therefore, Statement-II is correct.
Step 3: Conclusion.
Since Statement-I is incorrect and Statement-II is correct, the correct answer is option (A).
Final Answer: Option (A) Statement-I is incorrect and statement-II is correct.