The correct answer is option 3: Procedure established by Law. Judicial review in the Indian Constitution is based on the principle that the actions of the government must follow the established procedures laid down by law. This means that any exercise of power by the government that goes against the prescribed procedures can be reviewed and invalidated by the judiciary. The procedure established by law is an essential element of ensuring that the government operates within its constitutional limits and does not arbitrarily exercise its authority. It provides a check on the actions of the government, ensuring that they are in line with the principles of justice, fairness, and legality. The Rule of Law (option 1) is a broader concept that encompasses the idea that the law is supreme and applies to everyone equally. Due process of Law (option 2) and Precedents and Conventions (option 4) are not the primary basis of judicial review in the Indian Constitution.