The correct answer to the question is option 1, which states that the Government of India Act, 1935 was based on the principles of federation and parliamentary system.

Option 2, the principle of secession of the British Indian provinces, is incorrect. Secession refers to the act of withdrawal or breaking away from a larger entity, and this was not a principle reflected in the Government of India Act, 1935.

Option 3, acceptance of independence of India, is also incorrect. The act did not accept or acknowledge independence of India. Instead, it aimed to reform the governance system in British India.

Option 4, the acceptance of the idea of a constituent assembly to draft a constitution, is incorrect. The concept of a constituent assembly to draft a constitution was not part of the Government of India Act, 1935. Instead, the act provided for the establishment of provincial legislatures and a federal legislature in British India.

In conclusion, the Government of India Act, 1935 was based on the principles of federation and parliamentary system, allowing for the establishment of provincial and federal legislatures in British India.