The question asks to identify the correct statements about the Ajanta caves.

Correct Ajanta Caves Statements

Based on historical and geographical facts, the correct statements are:

• (A) Ajanta caves were made during the reign of Vākāṭakas: This is accurate. Many of the caves, particularly the later ones, were sponsored and constructed during the Vākāṭaka dynasty's rule (circa 3rd to 5th centuries CE).
• (C) Ajanta caves are above Waghora river: This is correct. The caves are situated on a horseshoe-shaped cliff bank overlooking the Waghora River in the Sahyadri mountains.

Therefore, the combination of statements (A) and (C) being correct leads to the right option.

Incorrect Ajanta Caves Statements

The following statements are incorrect:

• (B) Ajanta caves are non Buddhist caves: This is false. The Ajanta caves are renowned Buddhist monastic complexes, featuring paintings and sculptures depicting the Jataka tales (stories of Buddha's previous lives) and Buddhist iconography.
• (D) Ajanta caves were made by Muslims: This is historically incorrect. The caves were primarily created between the 2nd century BCE and the 5th century CE, long before the establishment of Muslim rule in India.
• (E) Ajanta caves are near Tomb of Aurangzeb: This is geographically incorrect. The Tomb of Aurangzeb is located in Khuldabad, which is a significant distance away from the Ajanta caves.

Based on the analysis, only statements (A) and (C) are correct.