SHELAT, C.J. :- By a deed of lease dated March 10, 1945 the assessee company took over a plot of land admeasuring 4,059 square yards on lease for a period of ninety-nine years at an annual rent of Rs. 12,685/- per year, and built thereupon its press where it carried on its business as printers and publishers of a daily newspaper called "Sandesh". The deed of lease gave option to both the parties, the lessor to sell the said land at a price of Rs. 4,09,959/- at the rate of Rs. 101/- per square yard, and the lessee to purchase it at the said price, both parties agreeing to exercise their respective option during a period of five years commencing from January 1, 1948 and ending on December 31, 1953 after giving six months' notice. The deed of lease is in Gujarati and, as translated, clause (4) thereof runs as follows :

"If the land leased is acquired under the provisions of the Land Acquisition Act, or the leased land is notified for acquisition and such notification is subsequently cancelled and thereafter whatever may be the balance of the leased land, either party may, within five years after the 1st January 1948, i.e. upto the 31st of December 1953, call upon the other par