The correct option is D Both Assertion and Reason are incorrect.
Peroxisomes, one of single membrane-bound organelles, are present ubiquitously in eukaryotic cells. They were originally identified as organelles for production of hydrogen peroxide, the degradation of its hydrogen peroxide, and metabolism of fatty acids, which are functions common to almost all the organisms. Meanwhile, photo respiration and assimilation of symbiotically induced nitrogen are plant-specific functions. So, peroxisomes involves in photo respiration but alone cannot carry the photo respiration and peroxisomes does not contains all enzymes to carry out photo respiration. Thus, option D is correct and other options are wrong.