Got the fix!
Just use CausesValidation="false" on the cancel button so as to disable validation upon cancel button click event.
Because when you have used validation on your controls without using CausesValidation="false" on the cancel button, your controls will be forced to pass through validation conditions given to them and since the cancel button is meant to clear your form regardless of checking the validity of the data in form fields, the form will get stuck.
So whenever you have used validation conditions on your controls, just make sure you don't get them fired on the click of Cancel/clear/reset button.
Thank you everyone for all your time and efforts. Your suggestions too are worth keeping in mind while i will be developing next app.