Reserve account deeming treats excess transfers as made in an earlier year to permit deduction under income tax. The inserted Explanation deems that where a financial corporation's reserve carried in the previous year relevant to the assessment year commencing 1 April 1966 falls short of twenty-five per cent of total income, and the transfer to that reserve in the immediately succeeding previous year exceeds the amount deductible for the assessment year commencing 1 April 1967, the excess shall be deemed to have been transferred to the reserve in the accounts of the first-mentioned previous year for the purpose of allowing the deduction under clause (viii) of section 36.