“specified period”, in relation to a year of assessment of any company commencing on or after 1 April 1977, means –

(a)     where such year of assessment is the first financial year of such company, the period commencing on the first day of such year and ending six months after the specified date in respect of such year; and

(b)     where such year of assessment is a subsequent financial year of such company, the period commencing the day after the end of the specified period in respect of the immediately preceding year of assessment and ending six months after the specified date in respect of the year of assessment in question:

Provided that where by reason of the amalgamation under section 94 of the Co–operative Societies Act, 1939 (Act No. 29 of 1939), of two or more agricultural co–operatives (as defined in section 27(9) of this Act), the assets and liabilities of such co–operatives have vested in a new agricultural co–operative (as so defined), the Commissioner may, having regard to the circumstances of the case, direct that the specified period of each of the co–operatives which have so amalgamated, as applicable in relation to the final year of assessment of the co–operative in question be extended so as to end on such day as the Commissioner may determine;