Given below are 2 statements: one Assertion and the other Reason. Which one of the following options is correct? Assertion: Sulphur dioxide and Hydrogen peroxide can act as both oxidising and reducing agents but Nitric acid can act as only oxidising agent. Reason: Sulphur and Oxygen can exhibit more than one stable oxidation states while Nitrogen does not.

Sulphur dioxide ($SO_2$) contains sulphur in the $+4$ oxidation state. Since the maximum oxidation state of sulphur is $+6$ and the minimum is $-2$, it can be oxidised to $+6$ or reduced to lower states, thus acting as both an oxidising and reducing agent. Hydrogen peroxide ($H_2O_2$) contains oxygen in the $-1$ oxidation state. It can be oxidised to $O_2$ ($0$ state) or reduced to $H_2O$ ($-2$ state), acting as both an oxidising and reducing agent. Nitric acid ($HNO_3$) contains nitrogen in its maximum oxidation state of $+5$. It can only be reduced to lower oxidation states, acting exclusively as an oxidising agent. Thus, the Assertion is correct.

The Reason states that sulphur and oxygen can exhibit more than one stable oxidation state while nitrogen does not. This is incorrect because nitrogen exhibits a wide range of stable oxidation states from $-3$ to $+5$ in various compounds like $NH_3$, $N_2$, $NO$, $N_2O$, $NO_2$, and $HNO_3$. Therefore, the Reason is wrong.

Answer: Assertion is correct but Reason is wrong.