Query for exemption of subject

Hi friends,
I have a question regarding exemption of paper.
My Module 2 is through, but unfortunately Module 1 is not.

In my previous attempt i got 44 marks in tax laws and did not able to pass in other 2 papers. Now I need to know that whether

1) I need to go for all 3 papers with an aggregate of 50%

or

2) Can I take exemption of TAX LAWS and make a tgt for cut-off mark of 53 for rest of both subjects???

Can i opt for option 2 as it is most preferred???