The correct answer for the presiding officer of the historic 1916 Lucknow Session of the Congress is option 3, Ambika Charan Majumdar. It is important to note the significance of this session in India`s freedom struggle.

Option 1, Mrs. Annie Besant, was an important figure in the Indian independence movement, but she did not preside over the 1916 Lucknow Session.

Option 2, Madan Mohan Malaviya, was a prominent Indian educationist and politician, but he did not preside over this particular session.

Option 4, Subhash Chandra Bose, was a charismatic leader of the Indian National Congress, but he presided over the Haripura Session in 1938, not the Lucknow Session in 1916.

The Lucknow Session of 1916 was a historic event because it witnessed the coming together of the moderates and extremists factions within the Congress. The session also led to the famous Lucknow Pact between the Indian National Congress and the Muslim League, which aimed to present a united front against British imperialism. Ambika Charan Majumdar, a prominent Congress leader from Bengal, was chosen as the presiding officer for this significant session.