Urgent regarding deferred tax asset

Dear Professionals please help me through this practical problem.

We have received an audited balance sheet for the year ended 31.03.2012 under the companies act but depreciation has been charged as per IT act and no deferred tax asset has been recognised.

Now for the year ended 31.03.2013 we want to charge depreciation as per companies act and create deferred tax asset. What values should be considered as the opening balance for the current year.

Should the closing balance as per IT act on 31.03.2012 be considered as the opening balance this year.

Please help........