Dear Arun, it is a polypore. If I've more microscopic (picturs size of spores, presence/absence of clamp connection and types of hyphae) and macroscopic (pores/mm, kind of substratum, type of rot of substratum) information I can help you. If you prefer, you can send me to specimen to study and we should have a collaboration.
Fungi are difficult to identify based on photographs only. As E. Drechsler-Santos has pointed out, one needs to examine both macroscopic and microscopic features or best yet, the actual specimen itself.