Assertion : Centripetal and centrifugal forces cancel each other.
Reason : Centrifugal force is a reaction of centripetal force.

The correct option is D If both Assertion and Reason are false statements
NO, They do not cancel out each other, while centripetal (center seeking force) is generally provided by some other agency/force, like for revolution of planets it is provided by gravitational force, centrifugal force(outward force) is a pseudo force which is felt in the reference frame of the revolving/rotating body. Clearly since the two forces belong in different frames, they do not cancel out each other in your frame i.e. from the viewers frame they cancel out only in the frame of reference of body as the body does not move in that frame.