(3) Where the disputed amount of net tax or any other tax, penalty or interest, as the case may be involved in an application for revision presented to the Appellate and Revisional Board under section 87 exceeds fifty lakh rupees, such application shall be heard and disposed of by a Bench comprising two or more members as may be determined by the President in accordance with the regulations, if any, made in this behalf by the Appellate and Revisional Board under sub-section (7) of section 7.

(a) in a case where an application for revision is presented to the Appellate and Revisional Board under sub-section (1) of section 87, the expression "disputed amount of net tax or any other tax, penalty or interest" shall mean the balance amount of net tax or any other tax, penalty or interest, as the case may be, which remains after deducting such amount of net tax or any other tax, penalty or interest as may be admitted to be due from him by an appellant from the total amount of net tax or any other tax, penalty payable after assessment under section 45, or section 46, or section 48, or interest payable upon determination made under section 50, as the case may be, or

(b) in a case where an application for revision is presented to the Appellate and Revisional Board under sub-section (3) or sub-section (5) of section 87, the expression "disputed amount of net tax or any other tax, penalty or interest", shall mean the amount of net tax or any other tax, penalty or interest, as the case may be, which may, in the opinion of the Commissioner, become payable by a dealer, casual dealer or person, in addition to the amount of net tax or any other tax, penalty or interest which stands after modification in appeal under section 84, or on revision, or review of the appellate order under section 85 or section 88, as the case may be.