Explanation:

- Option 1: The search proceedings shall be void & liable to be set aside.

- If a Magistrate lacking the proper authority issues a search warrant, the proceedings could be considered invalid due to the lack of jurisdiction.

- Option 2: The search proceedings shall not be void & not liable to be set aside.

- This would be the case if the error is not deemed substantial enough to invalidate the proceedings, given the broader context.

- Option 3: The search proceedings shall be set aside only if challenged by any person aggrieved by the search.

- The proceedings could stand unless contested by an affected party, in which case a review or reversal might occur.

- Option 4: Either (1) or (3).

- It's possible for proceedings to be inherently void or challenged by an affected person, allowing either outcome to occur.

The Correct Answer is Option 4: Either (1) or (3).