Correct option is D
Given:
A @ B means A is the sister of B;
Sign/ Symbol | @ | # | & |
Relations | Sister | Father | Wife |

Expression: S @ M # T & U
From the given information Family tree will be:

Assertion: S is the grand-daughter of Z?
Reason A: Z @ U

Hence, Reason A is NOT valid.
Reason B: Z @ M

Thus, Reason B is also NOT valid.
So, Neither A nor B is the reason behind the assertion.
Thus, the correct option is: (d)