Given below are two statements, one labeled as Assertion (A) and the other labeled as Reason (R). **Assertion (A):** The President of India is constitutionally required to constitute a Finance Commission at the expiration of every fifth year or at such earlier time as he considers necessary. **Reason (R):** The Finance Commission is designed to address the vertical imbalance between the taxation powers and expenditure responsibilities of the Union and the States. Select the correct answer using the code given below:

Options:

• A: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
• B: Both Assertion (A) and Reason (R) are true but Reason (R) is not the correct explanation of Assertion (A).
• C: Assertion (A) is true but Reason (R) is false.
• D: Assertion (A) is false but Reason (R) is true.

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