The Tribunal observed that the assessee had maintained separate individual accounts for employees’ General Provident Fund (GPF) contributions and credited them in real time as per the Provident Fund Regulations, 1960. Consequently, these contributions were held allowable as deduction. Secondly, regarding the New Pension Scheme (NPS), the Tribunal held in favour of the Revenue on the grounds the assessee had neither deposited its share of NPS contributions nor credited the employees’ share to their respective accounts within the prescribed due dates or by the due date of filing the income tax return. Hence, the employer’s contribution was disallowed for the current assessment year but allowed for deduction in subsequent years upon actual payment, and the employees’ contributions were treated as deemed income and disallowed for deduction under Section 36(1)(va) (AY.2012-13, 2013-14)