35. Cancellation or suspension of Licence etc. - (1) If-
(a)the registration of a Licensed dealer. Recognised dealer or Commission agent holding a Permit is cancelled; or(b)in any year,-(i)the turnover of sales of a Licensed dealer or as the case may be, the turnover of purchases of a Commission agent holding a Permit fails to exceed the amount requisite for the grant of a Licence, or Permit, or(ii)the value of taxable goods manufactured for sale by a Recognised dealer fails to exceed the amount requisite for the grant of a Recognition; or(c)the Licensed dealer. Recognised dealer or Commission agent holding a Permit does not wish to continue to have a Licence, Recognition or Permit,then, in the circumstances stated-(i)in clause (a), the dealer shall forthwith.(ii)in clause (b), the dealer shall within thirty days from the end of such year, and(iii)in clause (c), the dealer may at any time,present his Licence, Recognition or Permit to the Commissioner for cancellation, and the Commissioner shall cancel the Licence, Recognition or, as the case may be, Permit; and accordingly, in the circumstances stated in clause (a) the Licence, Recognition or Permit shall stand cancelled from the date of the cancellation of the registration, and in any other case it shall cease to have effect from the date of presentation for cancellation.(2)If a Licensed dealer. Recognised dealer or Commission agent holding a Permit-(a)fails to pay any tax (including any penalty) due from him under any provisions of this Act, or of any earlier law, or(b)contravenes or has contravened any provisions of this Act or the rules or any conditions of his Licence, Recognition or Permit, or(c)becomes an insolvent, or(d)has been convicted of an offence under this Act, or any earlier law,the Commissioner may, after giving the Licensed dealer, or Recognised dealer or as the case may be, Commission agent a reasonable opportunity of being heard, suspend the Licence or. Recognition or as the case may be, Permit, for such period as he thinks fit or cancel it.
