(A) Words and Phrases - License.Meaning of. In the popular as also in the or creation of a right, or grant; and in the second sense, it is the instrument evidencing the rights and interests mentioned therein and furnishes the proof of permission to exercise a particular right to engage in a trade or calling. Whether the word 'licence' is to be construed a right or an instrument, must perforce depend on the context. In the third sense, the word 'licence' is sometimes used to mean the licence-fee which is the price paid for the privilege conferred.(Para 9) (B) Punjab Excise Act (1 of 1914) , S.8, S.9, S.14, S.15A, S.36, S.40, S.41, S.44, S.58— Punjab Liquor Licence Rules (1956) , R.36— Auction sale of excise license - Highest bid accepted by Collector and approved by Excise and Taxation Commissioner - Deposit of one sixth license fee as required by rules - Highest bidder acquires legal status of licensee even though no formal licence is granted - Reauction by Government without notice to such licensee and without giving any reasons - Legality - Action of State Government if can be justified u/S.8, u/S.36 or u/S.41. At an auction-sale of liquor licences under the Punjab Excise Act the highest bid of the Respondent was accepted by the Collector a....