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The correct answer is option 2, Planning Commission. The Planning Commission was an independent authority that was responsible for formulating and implementing India`s Five-Year Plans. It was not established by constitutional provisions, but rather through an executive resolution in 1950. The Planning Commission played a crucial role in setting economic goals and prioritizing economic development in the country. However, it was replaced by the NITI Aayog in 2015, which has a different structure and mandate. The other options listed in the question (1. Finance Commission, 3. UPSC, and 4. Election Commission) are all established by constitutional provisions and have specific roles in financial allocation, recruitment of government officials, and conducting elections respectively.