Step 1: Understanding the Historical Context
The question asks for the location where the first Supreme Court of Judicature was established in India by the British in 1774.
Step 2: Recalling the Regulating Act of 1773
The establishment of a Supreme Court was a key provision of the Regulating Act of 1773, which was the first major step by the British Parliament to regulate the affairs of the East India Company.
The Act provided for the establishment of a Supreme Court at Fort William, which was the British headquarters in Calcutta (now Kolkata), the capital of Bengal and the most important of the Company's territories at the time.
The Royal Charter was issued, and the court was formally established in 1774, with Sir Elijah Impey as its first Chief Justice.
Supreme Courts were established later in Madras (1801) and Bombay (1824).
Step 3: Final Answer
The first Supreme Court of Judicature was established in Calcutta in 1774. Therefore, option (C) is the correct answer.