The correct answer is: Neither I nor II follows.
The statement that there has been less than forty percent voter turnout in the recent assembly elections does not provide enough information to support either course of action. It is possible that the election commission should cancel the entire election process, but it is also possible that the election process should be allowed to continue. Similarly, it is possible that the election commission should take away the voting rights of those who did not exercise their rights, but it is also possible that the election commission should not take away the voting rights of those who did not exercise their rights.
There are a number of factors that could have contributed to the low voter turnout, such as voter apathy, a lack of faith in the electoral system, or a feeling that the election was not important. It is also possible that the low voter turnout was due to logistical problems, such as long lines at polling stations or difficulty finding polling stations.
Without more information, it is impossible to say whether or not the election commission should cancel the entire election process or take away the voting rights of those who did not exercise their rights. It is possible that the election commission could take other steps to address the low voter turnout, such as increasing voter education or making it easier for people to vote.