Hi Puru,
I'm afraid that's not possible. If you create a new individual material as cost object, the system creates the asset with such material and post the acquisition. If the cost object is an existent material, further acquisition is also posted to it. Note that this also depends on the capitalization threshold maintained in business configuration. Fixed assets that have a value less than the lower amount are posted directly to expense accounts.
If you want to create an asset with an individual material but not post acquisition, you could create it directly via Fixed Assets work center.
Best Regards,
Alexandre.