Concept: Criminal conspiracy is based on agreement between two or more persons to do an illegal act or a legal act by illegal means.
Step 1: Check Assertion (A).
Criminal conspiracy may be punishable even if the planned offence is not actually committed.
\[
A = \text{Correct}
\]
Step 2: Check Reason (R).
The essence of conspiracy is the agreement itself. The moment there is unlawful agreement, the offence of conspiracy may be complete.
\[
R = \text{Correct}
\]
Step 3: Check explanation.
Reason explains why conspiracy can be punished even without commission of the final offence.
Therefore, both Assertion and Reason are correct and Reason is the correct explanation.