The issue may have raised mainly because your license may have expired. As you know all of our premium themes comes with the initial one year of subscription and will expire after that. So you have to again repurchase the theme from the Theme palace and use the license form that recent purchase.
So please check if your theme license has expired or not, if yes please follow the steps as mentioned above.
Actually the update info that you get on the release of every updates cannot be omitted from the dashboard without the repurchase and hence to remove the update notice, you need to buy the theme and update.
This is how the previously purchased themes and respective notices are displayed in dashboard.Also, in every updates of the theme, you will get additional features and enhanced compatibility issue so you can be benefited with the purchase of the theme.
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