Key principle

A compound will liberate $CO_2$ with aqueous sodium bicarbonate, $NaHCO_3$, only if it is more acidic than carbonic acid.

The reaction is: $HA + NaHCO_3 \rightarrow NaA + H_2CO_3$ and then $H_2CO_3 \rightarrow CO_2 + H_2O$

So, sufficiently acidic compounds such as carboxylic acids and strong sulphonic acids react with $NaHCO_3$ to give brisk effervescence of $CO_2$.

Check each option

A. Benzoic acid

Benzoic acid is a carboxylic acid, so it reacts with sodium bicarbonate: $C_6H_5COOH + NaHCO_3 \rightarrow C_6H_5COONa + CO_2 + H_2O$ Hence, it does liberate $CO_2$.

B. Benzenesulphonic acid

Benzenesulphonic acid, $C_6H_5SO_3H$, is a strong acid. It reacts readily with sodium bicarbonate: $C_6H_5SO_3H + NaHCO_3 \rightarrow C_6H_5SO_3Na + CO_2 + H_2O$ Hence, it does liberate $CO_2$.

C. Salicylic acid

Salicylic acid contains a carboxylic acid group and a phenolic $-OH$ group. The carboxylic acid group reacts with sodium bicarbonate: $\text{Salicylic acid} + NaHCO_3 \rightarrow \text{sodium salicylate} + CO_2 + H_2O$ Hence, it does liberate $CO_2$.

D. Carbolic acid (Phenol)

Phenol is much weaker than carboxylic acids and is less acidic than carbonic acid for this purpose. Therefore, phenol does not react with aqueous sodium bicarbonate.

So, no $CO_2$ is liberated.

Conclusion

The compound that does not liberate $CO_2$ with aqueous sodium bicarbonate is: $\boxed{\text{D. Carbolic acid (Phenol)}}$

Comparison with stored correct answer

Stored correct answer: D

My derived answer: D

Hence, they agree.