The correct option is D Assertion is INCORRECT, but reason is CORRECT.
The number of electron in nitrogen are 7 and are oxygen 8. Hence number of electrons that would be present in the molecular orbitals in NO are 7+8=15 . As the number of eletrons are odd, all the electrons in NO molecule can not be paired.Hence a single electron would be present in a π2p orbitals. Therefore NO is a odd electron species and the gas is hence paramagnetic due to presence of unpaired electrons.
But number of electrons that would be present in the molecular orbitals in NO are 7∗2+8=22 . Therefore, nitrogen exhibits variable valency in NO and N2O and Nitric oxide is para magnetic.
Option D is correct.