Hello Pramod.,

the answer is yes if:

a)one of the two interfaces provide the L1 clock to the other one exact details depend from underlying phyisical SDH or E1:

clock source internal on int atm if SDH based

under controller atm if ATM E1.

B) you use the same VPI/VCI on both sides because no one can change the values

I did this several times in lab setup.

To be noted that you cannot connect back to back two ADSL interfaces you need SHDSL modules see

http://www.cisco.com/en/US/docs/ios/bbdsl/configuration/guide/bba_t1-e1_shdsl_ps6350_TSD_Products_Configuration_Guide_Chapter.html

Hope to help

Giuseppe