Option 1 -> Waheeda Rehman received the Dadasaheb Phalke Award in 2021, not 2022.
Option 2 -> Rajinikanth was honored with the 50th Dadasaheb Phalke Award in 2019.
Option 3 -> Mithun Chakraborty was conferred with the Dadasaheb Phalke Award for 2022, presented at the 70th National Film Awards ceremony.
Option 4 -> Asha Parekh received the Dadasaheb Phalke Award in 2020.
Hence, Option 3: Mithun Chakraborty -> The veteran actor and three-time National Award winner was honored with India's highest film honor for 2022, which was presented during the 70th National Film Awards ceremony held in October 2024 -> correct