Which of the following statement is/are correct? I. Panini's Ashtadhyayi, book on grammar in eight chapters is the final culmination of this excellent art of writing in sutra (precepts) in which every chapter is precisely interwoven. II. The Brahmanas elaborates vedic caste system of the society

Answer: Option C

I. Panini's Ashtadhyayi, a book on grammar in eight chapters, is the final culmination of this excellent art of writing in sutra (precepts) in which every chapter is precisely interwoven.

II. The Brahmanas elaborate the Vedic caste system of society.

Upon reevaluation:

Statement I is indeed correct, as explained earlier. Panini's Ashtadhyayi is a significant work in grammar.
Statement II, while not providing extensive elaboration, does contain references to social structure and rituals in the Vedic society, including aspects related to caste.

Given this reevaluation, it is reasonable to conclude that both statements are correct. Therefore, the correct answer is:

Option C: Both I & II