Issue is resolved, We been using incompatible version of Dashboard with incompatible version of MS office.
Prior to Install:
-Downloaded Dashboard 4.0 SP2
-Installed MS Office 32 Bit(64 is not supported with Dashboard tool)
-Check that CMC should also be of same version for Dashboards to communicate with it.
1)Stop Anti Virus Services
2)Stop all Firewall
3)Go to Regedit and browse through HK_LOCAL_MACHINE->Software->Wow6432Node-->SAP Business Objects->Suite XI 4.0 and delete Xcelsius folder
4)Go to Program files manually and delete the Xcelsius folder from Business Objects
5)Run application using As Administrator
6)After above steps was able to Add universe as Query.
Note: Be informed that Universes with .unv are not supported with this version and higher, Need to convert them to .unx and only then you can use Dashboard tool to create fancy Dashboards.
Thanks,
Sam