The correct option is C Assertion is correct but Reason is incorrect
The position of centre of mass of a body depends on shape, size and distribution of mass of the body. The centre of mass does not lie necessarily at the centre of the body. Many objects have a point,a line or a plane of symmetry. The centre of mass of such an object then lies at that point, on that line or in that plane. Also the centre of mass of an object need not lie with in the object, like no iron at the centre of mass of a horse shoe.