Yes our supreme court has this power of judicial review and it has used it quite often. Most recently it was used in declaring NRO null and void as ultra vires of the constitution.
Anywhere where there is a federal polity with a written constitution has to have a strong, independent Supreme court with the power of judicial review.
In such a constitutional framework, judiciary plays the role of a zealous guardian of the fundamental rights of the citizens and an important arbiter of disputes between centre and states and among states themselves.

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Why not !?