[kimmeld]

Code can absolutely be incorrectly indented in python and to make matters worse it changes the functionality of the code when it is.

[thaumasiotes]

Code can be indented in a way you didn't mean for it to be. But it cannot be incorrectly indented in the sense I just described, because the indentation changes the functionality of the code. The indentation can never mislead you about the structure of the code.

[Izkata]

I've seen one case where it has, where the outdent at the end of a nested loop/loop/if was wrong: it was only 3 spaces instead of matching the 4 indent, so it looked right at a glance but wasn't. Needed to use pdb to step through it and see it do the wrong thing before that stuck out.