Thanks Sankarsan.
I've missed one PSA to which the employee belongs to 
The exact IMG path is "Time Mgmt--->Time Data Recording & Admin --> Absences---> Absence Catalog--->Personnel Subarea Grouping for Absence/Attendance types" or SM30-->V_001P_D
Now this is resolved , I was able to create quota in IT2006 and consume the same through IT2001.
Regards,
Niladri